Dollar to Naira Price Today at Black Market

The black market exchange rate for the Dollar to Naira holds significant importance for both individuals and businesses. As of today, 29th of August, 2023, the dollar to naira in the black market sells for ₦915 and a buy rate of ₦910. Yesterday, 28th of August, 2023, the Dollar to Naira black market exchange rate fluctuated between ₦910 and ₦925, with an average rate of ₦916.67. 

Over the course of the past week, spanning from August 21 to August 28, 2023, the Dollar to Naira black market exchange rate displayed a wide range of values, oscillating between ₦860 and ₦925. The average exchange rate during this period was ₦899.48. 

A comprehensive comparison of the August 28th exchange rate with the seven-day average highlights a substantial increase of 17.19 points, elevating the average rate to ₦916.67. This change corresponds to a notable 1.91% rise, underscoring the volatility and fluidity of the black market exchange rate.

On the specific date of August 28, 2023, the buy rates for the Dollar to Naira black market exchange rate were reported as falling within the range of ₦905 to ₦907, with an average of ₦906.00. 

Understanding the terminology associated with Dollar to Naira exchange activities is crucial for readers to navigate this intricate landscape. The concepts of “buying” and “selling” have distinct implications. “buying” signifies acquiring dollars using Naira, while “selling” denotes the process of exchanging dollars for Naira at the prevailing black market rate.

The allure of the black market rate over official bank rates remains a defining characteristic of this economic environment. This variance offers potential advantages for those involved in dollar transactions, with the black market often providing a more favorable rate than traditional banking channels. 

These transactions are facilitated by Bureau De Change (BDC) operators, colloquially referred to as “Abokis.” And, it underscores the crucial role played by the black market in accommodating the currency needs of individuals and businesses alike.