News Rain Nigeria understands that the Nigerian citizenry prefers to exchange foreign currency, particularly the dollar to Naira, on the black market since the conversion rate is much higher than what the bank offers at the CBN official dollar-to-naira exchange window.
On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate.
Keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.
The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 765 |
| Buying Rate | 760 |
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