Foreign Exchange Rates

What Is the Current Exchange Rate for US Dollars to Naira on the Black Market?

The current value of one US dollar in Nigerian naira is displayed here. To convert dollars to naira, you should look at both the official CBN rate and the black market rate.

The current value of one US dollar in Nigerian naira is displayed here. To convert dollars to naira, you should look at both the official CBN rate and the black market rate. You can exchange your U.S. dollars for Nigerian naira at this rate, or you can exchange dollars for naira at the most up-to-date rate available on the black market or the parallel market.

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Many Nigerians choose to convert their foreign currency, especially their dollars, into naira on the black market rather than at a bank because the rate is much greater. If you’re curious about the going rate on the black market, you can check it out here on the website.

The page also offers the black market conversion rate of one dollar to naira. That way, you may quickly and easily check the exchange rates for the currencies you want to convert on the black markets. To find out how much one dollar is worth in naira on the black market, this is the best resource currently accessible. See today’s exchange rate here

Today’s Dollar-to-Naira Black Market Exchange Rate

  • Buying Rate: ₦723
  • Selling Rate: ₦717

How much does one dollar currently fetch on the parallel market for one naira? It’s worth noting that the black market Dollar/Naira exchange rate often deviates significantly from the official rate posted on the Central Bank of Nigeria’s website.

The exchange rate between the US dollar and the Nigerian naira is shown above. Every day, we’ll provide you the most up-to-date rate information available. The current value of the United States Dollar as measured against the Nigerian Naira can be seen in the Dollar-to-Naira Exchange Rate. The rate fluctuates between different financial institutions and black market

What Is the Current Dollar-Naira Official Exchange Rate?

The black market exchange rate, also known as the parallel exchange rate, always varies from the official Central Bank of Nigeria rate. Right now, one dollar can be purchased with ₦723. The dollar-to-naira exchange rate has a profound effect on the Nigerian economy.

Also Read:  What Is the Current Exchange Rate for Euro to Naira on the Black Market?

When the value of the Naira decreases, inflation rises and eventually hits the general populace. Godwin Emefiele, governor of Nigeria’s central bank, has declared the country’s economy needs a dramatic turnaround and asked Nigerians to work toward this goal.

The Central Bank of Nigeria (CBN) regulates the exchange rate between the naira and other currencies in the banking system. However, the rate for dollars on the black market, also known as the parallel market, is typically higher. Those interested in buying or selling dollars for naira should refer to the CBN’s dollar to naira exchange rate, which is published on the central bank’s website.

When making an international purchase with a Naira Mastercard or Naira debit card from a Nigerian bank, the purchase should be made at the official dollar to naira bank rate. As a rule, these rates would be lower than what one might get on the unregulated market.

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