Fresh Update As Naira Falls Even more on February 1, 2024

The black market dollar to naira exchange rate today, 1st February 2024, is as follows:

Buying rate: ₦1,485.00 per US dollar
Selling rate: ₦1,495.00 per US dollar

This means that if you want to buy 1 US dollar in the black market today, you will need to pay 1,495.00 naira, and if you want to sell 1 US dollar, you will receive 1,485.00 naira.

NB: These rates may vary slightly depending on the location and the dealer.

The official exchange rate of the US dollar to the Nigerian naira, as of today, 1st February 2024, is ₦886.89 per US dollar.

This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.

The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets, and reflects the level of confidence in the naira and the CBN’s policies.