Black Market Dollar To Naira Exchange Rate Today 27th July 2023

News Rain Nigeria reports that the parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD 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.

News Rain Nigeria reports that 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 black Market Exchange Rate Today

The local currency opened at ₦870.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 27 July 2023, in Lagos Nigeria, after it closed at ₦870.00 per $1 on Wednesday, 26 July 2023.

Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.

The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.