Dollar to Naira Exchange Rate at the Black Market Today, 6th June 2023
The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) holds significant importance for Nigerians, particularly in the black market where the rates often differ from the official rates. Today, we provide an update on the current Dollar to Naira exchange rate in the black market, highlighting the selling and buying rates.
Dollar to Naira Black Market Exchange Rate: As of today, 6th June 2023, the Dollar to Naira exchange rate in the black market stands as follows:
Selling Rate: ₦745
Buying Rate: ₦742
Nigerians often prefer the black market for currency exchange due to the higher conversion rates offered compared to those provided by banks. However, it is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals to consult their respective banks for foreign exchange transactions.
Impact on the Nigerian Economy:
The fluctuation in the exchange rate between the USD and the Naira has a significant impact on the Nigerian economy. As the Naira experiences a decline in value, it can lead to inflation, which affects the overall economic conditions and the general population. To address these challenges, the Central Bank of Nigeria has stressed the need for a significant turnaround and has encouraged efforts to increase exports as a means of strengthening the economy.
CBN Exchange Rate and Bank Rates:
It is worth mentioning that the CBN exchange rate represents the rate at which individuals can buy or sell dollars for Naira through the CBN’s official channels. On the other hand, bank rates are applicable when making purchases from foreign websites using Naira MasterCard or debit cards issued by Nigerian banks. Generally, these rates offered by banks tend to be lower compared to those in the black market.
Conclusion:
The Dollar to Naira exchange rate in the black market today, 5th June 2023, stands at ₦745 for selling and ₦742 for buying. However, it is essential to consult with financial institutions for the most accurate and up-to-date exchange rates, as they can fluctuate based on market conditions and various economic factors.
