The black market exchange rate between the US dollar and the Nigerian naira continues to face volatility as the divergence between the official and parallel market rates persists.
According to the latest update, the black market rate for a 100 dollar to naira exchange today, 12th February 2024 is:
How much is 100 dollars to naira today in the black market?
- Buying rate: ₦147,800
- Selling rate: ₦148,800
This means that if you want to buy 100 US dollars on the black market today, you will need to pay 148,800 naira. On the other hand, exchanging 100 dollars in the parallel market currently fetches you 147,800 naira.
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NB: These rates may vary slightly depending on the location and the dealer.
The rates at the black market are determined by traders based on prevailing demand and supply as well as other economic and political factors impacting the foreign exchange market.
Meanwhile, the official exchange rate set by the Central Bank of Nigeria (CBN) pegs the 100 dollars to naira exchange at ₦88,689. This official rate is what is applicable for CBN interventions and transactions.