The black market Naira to Dollar rate on Sunday, 4, February 2024 opened at ₦1,410.00 per $1 in Lagos Nigeria, after it closed at ₦1,400.00 per $1 on Saturday, 3 February 2024.
The official exchange rate of the US dollar to the Nigerian naira, as of today, 4 February 2024, is ₦905 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.