Black Market Naira Exchange Rate Today

LAGOS PARALLEL MARKET EXCHANGE RATES

The currency black market is also known as the parallel market has exchange rates that are significantly different from the official rates. Of course, the official rate of a currency is set by the Central Bank.

This is carried out under its monetary policy where it aims to stabilize the local currency.

Black market exchange rates are what we intend to discuss. When looking at the black market exchange rate, a comparison is made between local and foreign currencies.

In the case of Nigeria, the naira exchange rate to the dollar, the pound, and other major currencies are set by the Central Bank of Nigeria (CBN).

01-03-2021

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