Nigeria’s economy was thriving at the time. This was when Nigeria’s then-military head of state, General Murtala Mohammed, said that “the country’s issue is not money, but what to do with it.” Nigeria became one of the wealthiest nations in the world during the 1970s oil boom. Why has the Nigerian naira depreciated so dramatically versus the US dollar? Several of the primary causes are discussed below: Indeed, between 19, 79kobo was equivalent to one dollar. However, it is worth noting that less than 40 years ago, the naira was valued as much as the dollar. The dollar stands as the standard exchange rate. Reasons Why the Naira is So Poor against the Dollar Additionally, consider the plight of Nigerians who must pay for medical and educational expenses in this foreign currency. Sell price: it’s the price at which the market is selling.īuy price: it is the price at which the market is buying.Īlthough these prices are susceptible to unexpected fluctuations due to the currency market’s volatility, they are, to put it mildly, excessively high.Īs a consequence of the dollar’s high exchange rate, Nigerians pay a lot to purchase a little, particularly on foreign or imported products. Dollar to Naira Exchange Rate in Black Marketĭollar to Naira exchange rate today in Black Market However, our focus here is on currency transactions on the illicit market. Numerous items are offered on the black market. Traders in the black market are always willing to sell at a discount to the regular market price. However, individuals sometimes choose to utilize the black market due to the affordable services they offer.

Dollar to Naira CBN Exchange RateĪs of today, the exchange rate of dollar to naira black market is different from the CBN exchange rate and other commercial banks.If the rule specifies the set of products and services that are unlawful to produce or distribute, non-compliance with the rule creates a black market transaction since the transaction itself is illegal.Īlso check: Euro to Naira Exchange Rate Today (Latest Update) Please note that the Central Bank of Nigeria does not recognize the black market (parallel market) and recommends individuals interested in Forex to contact their respective banks before carrying out their transactions. Dollar to Naira (USD to NGN)Īs of today, Naira trades NGN585 per $1 at parallel market as abokiFX clears forex information. The current US dollar to naira black market rate is tabulated below. We give you the real exchange rate in order for you to make huge savings on your international money transfers. So how much is the dollar to naira exchange rate at the black market (parallel market) and the aboki fx? Below is the real exchange rate for the US dollar to naira today. As the market ebbs and flows, it still remains relatively low when looking at the exchange rates for today’s date. The rate has been trending downwards over the past few months. The currency exchange rate between the United States dollar and the Nigerian naira fluctuates constantly. The Nigerian currency has depreciated over the past few years when compared to other major currencies. This page is updated every hour and based on current market data. We compare the Dollar and the Naira Bank rate vs. So read on to see the real mid-market exchange rate, and Aboki FX rate today. You convert your USD to naira at this rate or change your dollar to naira at the parallel market or the latest black market rate.

In this article, we will reveal everything you need to know about the USD to NGN exchange rate and the current exchange rate for dollar to naira, both the black market rate and the CBN rate. If you are traveling abroad or doing some online transactions, then it’s good to know what the exchange rate is. The exchange rate between the dollar and the naira is important to know especially when it comes to the Aboki fx dollar to naira rate. Are you interested in the dollar to naira exchange rate today? Are you considering traveling abroad or carrying out some online transactions but are unsure about the currency?

Dollar to naira today