IMPORTANT NOTICE: Please 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.
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.
The CBN exchange rate of dollar to naira today, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official is as follows:
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 8/1/2023 | US DOLLAR | 774.855 | 775.355 | 775.855 |
| 8/1/2023 | POUNDS STERLING | 989.4123 | 990.0508 | 990.6892 |
| 8/1/2023 | EURO | 850.0159 | 850.5644 | 851.1129 |
| 8/1/2023 | SWISS FRANC | 883.6298 | 884.2 | 884.7702 |
| 8/1/2023 | YEN | 5.4053 | 5.4088 | 5.4123 |
| 8/1/2023 | CFA | 1.2561 | 1.2661 | 1.2761 |
| 8/1/2023 | WAUA | 1018.5087 | 1019.166 | 1019.8232 |
| 8/1/2023 | RIYAL | 206.5013 | 206.6346 | 206.7678 |
| 8/1/2023 | DANISH KRONA | 114.0096 | 114.0832 | 114.1568 |
| 8/1/2023 | SDR | 1040.5528 | 1041.2242 | 1041.8957 |
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
| 1 USD = 769.5305 NGN |
| 1 Dollars = 769.5305 Nigerian Naira |
| The USDNGN rate as of 2 Aug 2023 at 9:16 AM |
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