The Naira exchange rates depends so much on the dollar and other foreign currencies, and most of the available dollar (FOREX) are used to provide Nigeria’s energy needs, therefore, the scarcity of dollar increases because there is little or no dollar left to run the affairs of other industries, such as airlines, importation and manufacturing industries. Importers and other people who partake in international trade are much concerned about Naira to dollar exchange rate today black market rate because their profit or loss is hugely determined by dollar to Naira black market rate, among other factors.

“How much is dollar to Naira exchange rate today in the black market?” These questions are important because The US dollar to Nigerian Naira exchange rate today is unstable and fluctuate from time to time, making it important for one to know the current exchange rate before making an international transaction. The US dollar to Nigerian Naira exchange rate today is determined by some factors, and varies between the central bank of Nigeria (CBN) exchange rate and the black market (parallel market) exchange rate. It is no surprise that the CBN’s exchange rate is different from the black market’s exchange rate, and this is caused by many factors.

Currency conversion from one currency to another is very popular, more popular than you can imagine. Each time you travel, you are exchanging your local currency to that of the place you are visiting. Converting currency seems an obvious term, but you will be shocked after reading this article that you don’t know much about it. Anytime you are converting currency, you make use of two different instruments that values differ from one another. What this entails is that if you are converting a currency, USD to GBP for instance, actually, you are selling the USD and purchasing the GBP.