Since the conversion rate on the black market is substantially higher than what the bank offers, Nigerians prefer to swap foreign currencies, especially dollars to Naira. 

You can find all the information and the current exchange rate for the dollar to the naira on this page, including the CBN and black market rates.

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the secondary market (black market) and has advised anybody interested in forex to first contact their local banks. 

The black market (parallel) exchange rate is always different from the CBN rate. The Nigerian economy is greatly impacted by the exchange rate between the US dollar and the Nigerian naira. 

Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the populace. The Central Bank has called for Nigerians to work toward this objective, such as expanding exports, and has stated that the country's economy needs a substantial turnaround.

Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). The rate at which you can buy or sell dollars for naira on the CBN's website, cbn.gov.ng, is known as the exchange rate. 

When using your Naira MasterCard or Debit card from a Nigerian bank to make a purchase on a foreign website, you use the dollar to naira bank rate. Almost always, these prices are less expensive than those on the gray/parallel market. 

Today, August 11, 2022, Black Market Exchange Rate: Dollar to Naira 

Naira to Dollar (USD to NGN) 

Black Market Exchange Rate Today: 660 for selling and 655 for buying