Do you have a challenge using foreign currencies when making a purchase online? Are you curious about the current Dollar Naira exchange rate? Then this article is for you. Check the dollar-to-naira black market rate today.
Making transactions across borders these days has been made very easy for all. All you need to do is know the exchange rate and information like this gets updated regularly so it is necessary that you read up on it on a daily basis.
Everything you need to know about the USD to NGN exchange rate and the current dollar to the naira exchange rate, including the black market rate and the CBN rate, will be covered in this blog. You can exchange your dollars for naira at this rate, the most recent black market rate which is also known as (the parallel market rate).
Continue reading to discover the current Dollar Naira exchange rates, Dollar to Naira Black Market Rate, and Even the FX exchange rate and CBN exchange rates all of which are based on recent market information.
The subjects this post will be covering today are as follows:
- Dollar to Naira Exchange Rate Today
- Dollar to Naira Black Market Rate Today
- Dollar to Naira CBN Exchange Rate
- Dollar to Naira FX Exchange Rate
Dollar to Naira Exchange Rate Today
In recent years, the value of the Nigerian Naira has decreased in relation to other significant currencies. The value of the dollar relative to the naira, the currency of Nigeria, varies constantly.
The rate has been decreasing in the most recent several months. Despite ups and downs, one can say the market is still very modest when looking at the exchange rates for this date.
How much does the black market and FX exchange rate for the dollar to naira now stand? Here is the current real exchange rate for the US dollar and the Nigerian naira.
Dollar to Naira Black Market Rate Today
In order for you to significantly reduce the cost of your international money transfers, we provide you with a genuine and accurate exchange rate. The table below shows the current black market exchange rate between US dollars and naira.
|Dollar to Naira
(USD to NGN)
|Black Market Exchange Rate Today|
As of right now, the Naira is valued at NGN585 for $1 on the black market while abokiFX clears foreign exchange data. Please keep in mind that the Central Bank of Nigeria does not acknowledge the black market (also known as the parallel market), and it is advised that anyone interested in trading in foreign exchange first contact their local banks.
Dollar to Naira CBN Exchange Rate
In the Federal Republic of Nigeria, only the Central Bank of Nigeria is authorized to print currency that is accepted as legal cash. In order to maintain monetary and price stability, it regulates the amount of money that is delivered to the economy.
The CBN Dollar to Naira Exchange Rate is the one that is officially recognized in the international market so note that CBN only recognizes its bank rate and not the black market rate or the Fx exchange rate.
Black market exchange rates for dollars and naira currently differ from those offered by the Central Bank of Nigeria and other commercial banks.
|Currency||Buy and sell rate||Change||Date|
|USD||₦ 460.94 / 459.94||0.00%||26/2/2023|
Most importantly, note that on the official website of the Central Bank of Nigeria, https://www.cbn.gov.ng/ where you can sell or buy dollars for naira at the CBN exchange rate. The Central Bank of Nigeria’s (CBN) exchange rate for dollars is never greater than the black market rate.
Dollar to Naira FX Exchange Rate
As was already said, the value of the naira is now quite unstable and will vary at any given time. For the most recent currency rate, visit our page frequently before making any international online purchases.
FAQs on USD to NGN Exchange Rate Today
What is the exchange rate?
The exchange rate is the cost of one currency in terms of another currency. The importance of the currency rate is increased by intra- and inter-transactions. transactions of money, goods, services, and resources.
What is the black market exchange rate?
Currency values in the black market are those that are different from the official exchange rate provided by an authority. Since the official rate doesn’t accurately reflect the state of the market, these black market rates frequently appear.
What is the forex(FX) exchange rate?
FX popularly known as forex or foreign exchange is the global market where one’s nation’s currency could be traded for another.
The forex market is liquidated and has no centralized location or a sovereign authority that can oversee its affairs.