Interested in knowing the current Dollar to Naira Exchange Rate In Nigeria? GoldenNewsNg has compiled the current Dollar to Naira exchange rate in Nigeria including the Black Market rates, Bureau De Change (BDC) rate and CBN rates.
The United States Dollar (USD)
The United States Dollar (USD) is undoubtedly one of the strongest bills in the world today. It is accepted in most parts of the world as a means of payment of services or businesses carried both online and offline. A hundred Cents makes up a Dollar, and the symbols of Cent and Dollar respectively are (¢) and $. The code for the United States Dollar is USD.
There are other countries who also make use of the Dollar as their official currency, but their value and exchange rates are quite different from that of the United States Dollar. Examples of such countries include; Zimbabwe, Ecuador, Canada, East Timor, Palau, Federated States of Micronesia, Panama, Turks and Caicos Island, Marshall Island, El Salvador, Caribbean Netherlands, British Virgin Islands, etc. One good fact about the United State Dollar is that it has an inflation rate of 0.10%.
The Nigeria Naira (NGN)
The Naira is the currency used by the Federal Republic of Nigeria. The exchange rate of Nigeria Naira is undergoing a reduction in Value at the moment, but before now it has maintained a stand of being one of the strongest currency in Africa during the 20th century.
In the present 21st century, particularly in recent times, things have really changed negatively. The foreign exchange rate of the Nigerian Naira has been on the waning at an alarming rate.
One hundred Kobo makes up a Naira and the symbol for the Naira is ₦, while the code is simply written as NGN.
How Much Is Dollar To Naira Exchange Rate Today?
The US Dollar to Nigerian naira’s exchange rate today in the parallel market is quite different from the official CBN rate.
Exchange Rate of Dollar To Naira in Black Market Today
The Nigeria black market dollar exchange rate today to the Nigerian Naira is as follows:
Buying = 1 USD to Naira 480
Selling = 1 USD to Naira 486
This is the current price as updated today, you can always check this spot for daily updates (or periodic updates) because they are done in realtime.
CBN Exchange Rate of Dollar to Naira Today
The current CBN exchange rate of the Dollar to Naira today is: $1 = ₦380
Black Market Exchange Rate of Dollar to Naira
The black market, popularly known as Aboki change rate or parallel market, can be used interchangeably as they all mean the same thing. This is the exchange rate you will get from the Hausa exchangers within the streets. They are found in almost all major cities in Nigeria. The rate these Hausa exchangers buy and sell Dollars for Naira is called black market rate
As at the time of filling this report see current Bureau De Change (BDC) exchange rate
Sell: $1 = ₦485
Buy $1 = ₦475
About Buying and Selling Rate
The buying rate is the amount in Naira that the Central Bank of Nigeria, Western Union, Money Gram, Nigerian Banks, or Aboki exchangers will give you for 1 Dollar. The selling rate, on the other hand, is the rate all the above-mentioned institutions will sell a Dollar to you when you pay in Naira. The selling rate is always higher than the buying rate.