The black market exchange rate for dollar to naira on January 16,2024 is:

Buying Rate: ₦1,270.00 per 1 USD
Selling Rate: ₦1,280.00 per 1 USD

Note: Rates may vary slightly across locations and dealers.

The CBN official exchange rate for dollar to naira is ₦853.27 per 1 USD (as of 16th January 2024).

The black market rate is much higher due to dollar scarcity and naira weakness.

The difference between both rates is known as the parallel market premium.

Why is the Black Market Rate Higher Than Official Rate?

Factors like dollar scarcity, currency speculation, high demand, and economic instability increase the black market rate.

The parallel market allows free currency trading unlike the official market controlled by the CBN.

 The black market exchange rate for dollar to naira on January 16,2024 is:

Key Takeaways
Black market dollar to naira rate today is ₦1,270 (buy) and ₦1,280 (sell) per 1 USD
Official CBN rate is ₦853.27 per 1 USD
Black market rates are higher due to dollar scarcity and currency arbitrage.

Traders use the parallel market when access to official forex is limited