News Rain Nigeria reports that the exchange rate between the naira and the US dollar today, Monday 6th March 2023on the black market, opened at an average of N735/$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 N730/$1 and sell for N735/$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.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N730 |
| Selling Rate | N735 |
Please note that therates 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
Please note that theCentral 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.
Disclaimer: News Rain 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.
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