Business & Economy

Black Market Dollar To Naira Exchange Rate Today 11 May 2022

Published

3 months ago

May 11, 2022

Black market dollar to naira exchange rate today 11 May 2022 can be accessed below.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands.

What it means is that…you can buy or sell 1 dollar at ₦590 and the price can change (high or low) within hours.

How much is the exchange rate of Dollar to Naira in Black Market today?

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES May 11, 2022 (BLACK MARKET): dollar to naira exchange rate today black market

May 11 dollar to naira black market exchange rate: $1 dollar to naira = ₦590

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N590.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 11 May 2022, in Lagos Nigeria, after it closed at N590.00 per $1 on Tuesday, 10 May 2022.

Even though the dollar to naira opened in the parallel market at ₦590 per $1 today, Newsonline reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Newsonline Nigeria reports that on the black market, the players buy a dollar for N585 and sell for N590 on Wednesday morning, May 11, 2022, after they bought N585 and sold for N590 on Tuesday, 10 May 2022.