The Black Market Dollar To Naira Exchange Rate Today 23 February 2023 is N770/$1.
Nigerians bought a dollar at ₦770 and sold at ₦775 today, as against ₦ 780 it traded earlier this week.
The Nigerian local currency opened for exchange on the parallel market otherwise known as black market at the rate of ₦770 to the US Dollar (per $1) on Thursday.
Black market is an economic activity that takes place outside government-sanctioned channels. It is an illegal market where transactions usually occur “under the table” to let participants avoid government price controls or taxes.
The goods and services offered in a black market can be illegal, meaning their purchase and sale are prohibited by law, or they can be legal but transacted to avoid taxes. Illegal markets are also known as illegal markets, shadow markets, or underground markets.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| February 20, 2023 | 780 | 765 |
| February 19, 2023 | 780 | 773 |
| February 18, 2023 | 770 | 760 |
| February 17, 2023 | 766 | 760 |
| February 16, 2023 | 762 | 754 |
| February 15, 2023 | 760 | 754 |
| February 14, 2023 | 757 | 750 |
The growing rate of inflation, astronomical increase in interest rates on loans obtained from banks, trade conditions and government’s debts among other things are factors responsible for the continuous decline of the naira against the Dollar.
The US Dollar to Nigerian Naira currency pair remains the most traded currency in the FX market followed by the GBP and Euros.