On this page, we have provided the Dollar to Naira black market exchange rate for June 2022.
Exchange rate changes every hour. Also, the rate depends on the volume of dollars you have available and the market demand.
Currently, you can exchange $1 dollar for ₦588. However, the price can go up or low within hours.
The local currency opened at ₦588.00 per $1 at the parallel market otherwise known as the black market, in June 2022, in Lagos Nigeria, after it closed at ₦587.00 per $1 on May 2022 in the previous week.
CBN Statement on Exchange Rate
Although the dollar to naira opened in the parallel market at ₦588 per $1 today, the Central Bank of Nigeria (CBN) does not recognize the official black market price.
The CBN also directed that anyone in need of forex should approach their bank. It insisted that the I&E window is the only recognize official exchange rate.
How much is the exchange rate of Dollar to Naira in the Black Market today?
At the black market, reports have it that individuals exchanged a dollar for ₦588 and sold for ₦590 earlier in June 2022. However, the rate on the previous day, people bought and sold at ₦577 and ₦585 respectively.
The USD started this week at ₦587 in the Parallel market also called the Black market in Lagos Nigeria. However, it started at ₦585 in the previous week.
Please, note that we DO NOT set or determine forex rates and prices. The official NAFEX rates recommended by the CBN are gotten from the FMDQQOTC website while the parallel or black market rates are from various sources including online media outlets. As a result, you might eventually buy or sell forex at a different price from what we have here.