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Black Market Dollar To Naira Exchange Rate Today 8 March 2024
Black market dollar to naira exchange rate today 8 March 2024 can be accessed below.
JomogNews Nigeria reports that the exchange rate between the naira and the US dollar today, 8 March 2024 on the black market, opened at an average of N1,620/$1.
This report is according to information gathered from black market FX operators. Specifically, the traders noted that they buy FX from customers at an average of N1,610/$1 and sell for N1,620/$1. However, they also added that in some cases the rate could vary depending on the form of transaction, cash, or transfer. that is to say, you are likely to get a higher rate if you have physical cash to exchange.
Black market dollar to naira exchange rate today
The local currency (abokiFx) opened at ₦1,620.00 per $1 at the parallel market otherwise known as the black market, today, Friday, 8 March 2024, in Lagos Nigeria, after it closed at ₦1,610.00 per $1 on Thursday, 7 March 2024.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,610
Selling Rate of $1 ₦1,620
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
CBN Official Naira to Foreign Exchange Rates
The official exchange rate of the US dollar to the Nigerian naira, as of today, 8 March 2024, is ₦1,590 per US dollar.
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,589
Selling Rate of $1 ₦1,590
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.
“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” the CBN Governor said during a press briefing on September 17, 2021.
Factors Influencing Foreign Exchange Rate
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Fascinating Facts About the United States Dollar You Didn’t Know
You know that the United States dollar is our currency. But did you know…
-The dollar is three different denominations: the penny, nickel, and dime. The dollar is made up of 100 cents.
-The dollar was first introduced in 1792. It replaced the Spanish dollar, which was used in the colonies.
-The dollar is the most traded currency in the world.
-The dollar is also the most counterfeited currency in the world.
A Brief History of the US Dollar
Did you know that the United States dollar has quite a fascinating history? It was created in 1792 when the United States government passed the Coinage Act. This act designated the US dollar as the country’s official currency.
Since then, the dollar has gone through a few changes. For example, in 1854, the US replaced Spanish with American coins. And in 1933, President Franklin D. Roosevelt took the US off the gold standard, which meant that the dollar could no longer be exchanged for gold.
Today, the US dollar is one of the most commonly used currencies in the world. Over 60% of all international transactions are done in US dollars. So next time you spend your vacation dollars in a foreign country, you can feel confident that you’re using a currency that’s been around for a while!
Who Manages the Production of US Currency?
The United States Mint is in charge of producing the paper currency for the US dollar. It’s a governmental agency that falls under the Department of the Treasury. They’re responsible for producing not just paper money but coins as well.
Interestingly, the president decides the design for each bill and coin. The Mint then creates a prototype and sends it to the Treasury for approval. From there, it goes into production. So, each bill and coin you see in circulation has been approved by the president—which is why they sometimes feature his or her portrait on them.
Disclaimer: JomogNews Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
A new video has emerged showing two men reportedly kidnapped by Boko Haram insurgents in Borno State, pleading for assistance to secure their release.
One of the captives, former Biu Local Government Area Chairman Hassan Biu Miringa, revealed that their abductors are demanding a $300,000 ransom.
Miringa said he and another individual were taken in December 2025 and have remained in the custody of the militants.
In the video shared by Zagazola Makama, Miringa introduced himself, saying: “I am Hassan Biu Miringa, former Chairman of Biu Local Government from 2020 to 2022. Four years after my tenure, we were kidnapped by the soldiers of Khilafa about two weeks ago. Alhamdulillah, we are still alive, but we urgently need help to save our lives.”
He added that negotiations with the kidnappers had been underway, with some preliminary agreements reportedly reached.
“We have engaged them on four separate occasions and reached an understanding. We appeal to our leaders, especially Borno State Deputy Governor Alhaji Usman Umar Kadafur, the National Assembly representative for Biu, Kwaya, and Shani Hon. Betera Aliyu, as well as our community leaders, to temper justice with mercy and assist us. We are their children and have been working together,” Miringa said.
He confirmed the ransom demand, explaining that each captive is expected to pay $150,000, totaling $300,000 for their freedom, and pleaded for urgent intervention to reunite with their families.
The video highlights ongoing concerns over kidnappings and insecurity in southern Borno State, which have persisted despite government efforts to curb insurgent activity in the region.
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Saturday visited Port Harcourt City Local Government as part of his “thank you” visit across Rivers State.
Upon his arrival, a group of women displayed a symbolic gesture of loyalty by spreading their wrappers on the ground for his motorcade.
The women and supporters of the Minister were in a jubilant mode as Wike drove on the wrappers.
Wike has been going around local governments in the state to appreciate them for their support while reeling out moves ahead of the 2027 general elections.
In the course of his visits, the Minister had fired several salvos at political actors in the state, warning that their sudden support for President Bola Tinubu won’t secure them any ticket in 2027.
Wike also renewed rivalry with Governor Sim Fubara over the leadership control of the political space in the state.
The Rivers State House of Assembly has officially reaffirmed that the impeachment proceedings against Governor Siminalayi Fubara and his deputy, Prof. Ngozi Odu, are ongoing and have not been suspended.
The Assembly said the process is still ongoing and is being conducted strictly in line with constitutional provisions.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Information, Petitions and Complaints, Hon. Enemi George.
According to the statement, the impeachment process, which began on Thursday, January 8, 2026, remains on course in line with the 1999 Constitution of the Federal Republic of Nigeria (as amended).
The lawmakers disclosed that separate notices of allegations bordering on gross misconduct have been served on both the governor and his deputy in line with Section 188 of the Constitution.
“The notices of allegations of gross misconduct against the Governor and the Deputy Governor have been duly forwarded to them by the Speaker of the House, Rt. Hon. Martins Amaewhule, and the House is awaiting their responses,” the statement said.
The Assembly maintained that it is constitutionally obligated to act in the interest of the rule of law and ensure that no public office holder acts outside legal boundaries.
Reacting to reports suggesting that the impeachment move had been halted, the House accused some individuals and media outlets of deliberately spreading misinformation to mislead the public and stir tension between the legislature and Rivers residents.
The lawmakers described such reports as false and insisted they would not succumb to intimidation, threats, or blackmail.
“We are aware of renewed attempts by certain persons and media platforms to misinform the public by claiming that the impeachment process has been discontinued. The public should disregard such falsehoods, as the process remains active,” the statement added.
The Assembly reaffirmed its commitment to democratic principles and constitutional responsibilities, stressing that it would not be distracted by what it termed “cheap propaganda.”
It also appreciated the people of Rivers State for their support and prayers amid the ongoing political developments and extended goodwill to Nigerians committed to the nation’s democratic journey.
JomogNews reports that during Thursday’s plenary session, presided over by the Speaker, the Majority Leader, Major Jack, formally read the notice of allegations of gross misconduct against Governor Fubara on the floor of the House.
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