The exchange rate for the dollar to naira at the Lagos, Abuja, and Port Harcourt parallel markets (black market) closed yesterday at an average of ₦1,490 per dollar, according to the latest data from Bureau De Change (BDC) operators.
Dollar to Naira Black Market Exchange Rate for Today
Buying Rate: ₦1,475
Selling Rate: ₦1,480 – ₦1,490
Grey and Geegpay Dollar to Naira Rate Today
Geegpay Dollar to Naira Exchange Rate:
- EUR (€): Buying at ₦1,680.03, Selling at ₦1,695.55
- GBP (£): Buying at ₦1,950, Selling at ₦1,965
- USD ($): Buying at ₦1,495, Selling at ₦1,580
Grey Dollar to Naira Rate:
- EUR (€): Buying at ₦1,640.03, Selling at ₦1,719.18
- GBP (£): Buying at ₦1,902, Selling at ₦2,015.15
- USD ($): Buying at ₦1,450, Selling at ₦1,590.90
CBN Exchange Rate Dollar to Naira Today
Dollar to Naira (USD to NGN): CBN Rate Today
- Buying Rate: ₦1,485
- Selling Rate: ₦1,490
The Dollar to Naira bank rate today aligns closely with the CBN official rate, with a slight variation of one to two naira between different banks.
Important Note on Dollar to Naira Black Market Exchange Rate in Nigeria
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has directed individuals who want to engage in Forex to approach their respective banks.
The rates at which you buy or sell forex at the Aboki exchange rate today in Lagos and other Aboki Forex rates may differ from what is captured in this article because prices vary.
Pounds to Naira Today
Pounds to NGN CBN Rate Today:
- Buying Rate: ₦1,815
- Selling Rate: ₦1,820
Euro to Naira Black Market Today
Euro to Naira Exchange Rate Today:
- Buying Rate: ₦1,610
- Selling Rate: ₦1,615
Official Channels vs. Black Market While the black market may offer higher rates, it’s important to note that transactions here are not regulated, posing risks of fraud and legal issues. The CBN advises individuals and businesses to use official channels for foreign exchange transactions.
FAQs
What is the current dollar to naira exchange rate in the black market? The current black market rate for the dollar to naira is around ₦1,475 for buying and between ₦1,480 and ₦1,490 for selling.
How does the CBN exchange rate compare to the black market rate? The CBN exchange rate is slightly lower, with the buying rate at ₦1,485 and the selling rate at ₦1,490. The black market rates are typically higher due to demand and supply factors.
Are online platforms like Geegpay and Grey reliable for currency exchange? Yes, platforms like Geegpay and Grey are reliable and offer competitive rates. They are convenient for individuals and businesses engaged in international transactions.
Why does the dollar to naira exchange rate fluctuate? The exchange rate fluctuates due to various factors, including economic policies, inflation, global economic conditions, and market speculation.
Is it safe to use the black market for currency exchange? While the black market may offer better rates, it carries risks such as fraud and legal issues. It’s advisable to use official channels for safer transactions.
How can businesses manage exchange rate risks? Businesses can manage exchange rate risks through hedging strategies, diversifying income sources, and regularly monitoring market trends.
Conclusion Understanding the dollar to naira exchange rate is crucial for navigating Nigeria’s economic landscape. By staying informed about current rates, economic factors, and available platforms, individuals and businesses can make more informed decisions. While the black market offers attractive rates, the risks involved often outweigh the benefits. Therefore, using official channels and reliable online platforms is recommended for safer and more transparent transactions.
