Business News
Dollar to Naira Black Market Exchange Rate Today (1st June)
What is the Dollar to Naira Black Market Exchange Rate Today? Click here to find out the current exchange rate…
What is the Black Market Dollar to Naira Exchange Rate Today? – This article contains the exchange rate of Dollar to Naira in the Black market today according to reports from the office of the Bureau de Change (BDC).
As of yesterday, the 31st of May 2022, Dollar was sold at the rate of ₦610 per $1. But at the early hours of today, 1st June 2022, the price has returned to ₦610 per $1. While the buying rate also changes to ₦585 per $1.
READ:Dollar to Naira: Black Market Exchange Rate Today (30th May)
The Exchange Rate of Black market Dollar to Naira today
The table below shows the current exchange rate today:
| Dollar to Naira | Current Black Market Exchange Rate |
| Buying Rate | ₦585 |
| Selling Rate | ₦605 |
What is the Dollar to Naira Black Market?
The Dollar to Naira Black Market also known as the Parallel Market is a platform for the Dollar to Naira exchange rate in Nigeria. Although the Central Bank of Nigeria has not endorsed this platform but has rather employed individuals to make use of the bank medium, it hasn’t stopped the Black Market platform from running.
However, asides from Nigeria, there are also some other countries that make use of the parallel market medium as a means of currency exchange.
Furthermore, the Nigerian government truly does not support the black market exchange rate in the country as it serves low advantages to them in the aspect of tax. However, here are some advantages it brings to the people.
READ:Dollar to Naira: Black Market Exchange Rate Today (28th May)
Some advantages of Dollar to Naira Black Market Exchange
- Can be less stressful,
- Requires less energy and isn’t time-consuming,
- Involves a little or no formal process,
- And serves as a means of employment for traders.
1. Can be Less Stressful
In place of having to wait for hours or long minutes in a queue in banks, having contacts with a Parallel Market trader can get you an easy and fast transaction. No stress.
2. Requires Less Energy and isn’t Time-Consuming
Just like the previous point, you get to spend less energy on getting your task carried out. Because the traders have fewer customers than the bank, they get to attend to their customers fast and almost immediately. With this, their customers get to spend little time having their Dollar to Naira Exchange transaction.
READ:Â Dollar to Naira: Black Market Exchange Rate Today (31st May)
3. Involves Little or no Formal Process
Unlike the Bank where you have to fill a series of forms or wait for long processes before getting your transaction attended to, the Black market requires little or no formal process. You might not need to fill out forms and wait for approval from any Bank manager or Foreign Exchange section’s signature.
Some of these traders are straight to the point. They transact without extra form filling energy requirement.
4. Serves as a means of employment for traders
No doubt that the rate of unemployment in Nigeria is quite on the high side. Out of numerous devised means of employment, the Dollar to Naira Black Market exchange rate is one of them. Some have been able to keep themselves busy and get a means of livelihood through this means. And likewise, have some used this medium to add to their means of livelihood.
Conclusively, the Dollar to Naira Black market trade in Nigeria is not approved by the government and the CBN but it has continually served some good purpose to the people.