Dollar to Naira Exchange Rate in black market July, 2018

To keep yourself current and up-to-date with all the happenings and price movement changes with regard to the black market exchange rate of Dollars to Naira, check our live archive blog on Current Dollar Naira rate in Black Market

These are the Black market exchange rates of the Dollar to Nigerian Naira in each working trading day.

The dollar to naira parallel market rates stated below are updated on this page every working day from 1PM (GMT).

If you do not see the current updated rate on the main body of this post, kindly check the comment section for latest rates.

Kindly be informed that the Forex Exchange market in Nigeria has been very stable.

But, as 2019 elections come around, expect to see some liquidity in the market.

But, the primary focus here is on the dollar to naira exchange rate.

Having briefly explained to you how relevant this page is everyone, we proceed to show you exactly what you are looking for.

The Nigerian Black Market exchange rates of Dollars, Pounds, Euros when converted to Naira is very relevant today and continues to be relevant with each passing year.

Current Exchange Rates of Dollars to Naira in Nigeria Black Market For July, 2018:
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Date: Buying / Selling
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June 31st, 3018 (Tue): ..
July 30th, 2018 (Mon): 356../..360

July 27th, 2018 (Fri): 355../..360
July 26th, 2018 Thur): 355../..360
July 25th, 2018 (Wed): 355../..360
July 24th, 2018 (Tue): 355../..360
July 23rd, 2018 (Mon): 356../..360

June 20th, 2018 (Fri): 357../..360
June 19th, 2018 Thur): 357../..360
June 18th, 2018 (Wed): 356../..360
June 17th, 2018 (Tue): 358../..361
July 16th, 2018 (Mon): 358../..361

June 13th, 2018 (Fri): 358../..361
June 12th, 2018 Thur): 358../..361
June 11th, 2018 (Wed): 358../..361
June 10th, 2018 (Tue): 358../..361
July 9th, 2018 (Mon): 358../..361

June 6th, 2018 (Fri): 358../..361
June 5th, 2018 Thur): 358../..361
June 4th, 2018 (Wed): 358../..362
June 3rd, 2018 (Tue): 358../..362
July 2nd, 2018 (Mon): 358../..361

As long as the economy of Nigeria is still largely influenced by the importation of Foreign goods and services, there is nothing stopping the black market system.

There are other factors responsible for the viability of the parallel market exchange rate system in the country.

These factors are:

1. The lack of viable and sustainable Exportation of non-oil products.

2. The constant proliferation of multiple exchange rates

3. The over dependence on imported products.

As far as the above factors continue to exist, then the black market exchange rate system will continue to be relevant to all residence in the country.

And as far as Nigerians cannot do without the exchange rate market, then this page will be used to monitor how one currency is converted to another in Nigeria.

What does Nigeria need to do in order for her to ultimately render the black market exchange rate market irrelevant?

Before once can effectively tackle this issue, we need to understand why the problem exist in the first place.

Can you ever tackle an issue without knowing the root cause it?

At present. Nigeria has multiple exchange rates: we have the official bank rate, Pilgrims’ special fixed rates, Investors window rates, black market rates, interbank rates, and lots more.

As long as this trend continues, there is every possibility that the black market will continue to stay relevant.

The black market exchange rate window is the hope of the average Nigerian out there. Whenever you want to convert your dollars, irrespective of the amount, there is always someone willing to accept your transaction.

Can you go to any bank in Nigeria today and request to sell your $10, $20, $50 casut, do you know that you can readily sell your dollars at the parallel market without stress in Nigeria?

Thus, one of the main cause of the existence of the parallel market is as a result of convenience. Nigerians love to do things with ease and go through any length just to make sure of that.

Now, ask yourself this question: why would the economy of Nigeria not suffer when it is driven by high consumption rate of imported goods?

There are several categories of goods and services that are being imported into the country on a daily, weekly basis. The chief imported product that we already know of is: Petrol.

Do you know that the country goes as far as to import toothpicks? Just think about the clothes you put on, the shoes, cars you drive, mobile phones you are now using to browse this page, and lots more.

Do you now see why the parallel market is still very important?

Few months back, a close associate of mine needed to import goods into the country from New York. He had the naira, but could not easily get dollars from the banks.

But, after seeking advice from a friend, he decided to visit the parallel market.

Do you know that within 5 minutes of dashing to the black market, he had completed his transactions?

Here are some questions that you really need to ponder upon:

1. As an oil producing nation, Nigeria’s legal tenders are Naira and kobo. How possible and feasible is it for Nigeria to sell her crude oil to intending buyers in naira?

The logic behind this question arise from the fact that the value of a currency is somehow tied down to its relevance and demands.

Is it not possible that the higher the demand for the Naira, the more its value rises?

2. Nigerians have not been encouraged enough to invest in a lot of none oil export able product.

If Nigeria diversify its economy and relies less on crude oil sales, will it not influence the value of the Naira?

Why do Nigerians rely heavily on foreign goods?

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