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Dollar (USD) to Naira Exchange Rate Today – See the exchange rate for the dollar and naira today. You can exchange your dollars for naira at these rates or at the most recent rate on the parallel or black market.
Since the conversion rate on the black market is substantially higher than what the bank offers, Nigerians prefer to swap foreign currencies, especially dollars to Naira.
You can find all the information and the current exchange rate for the dollar to the naira on this page, including the CBN and black-market rates.
Please be aware that the Central Bank of Nigeria (CBN) does not recognize the secondary market (black market) and has advised anybody interested in forex to first contact their local banks.
Dollar to Naira Black Market Exchange Rates Today
Here is the latest black market exchange rate for buying and selling U.S Dollars (USD) to Naira in Nigeria today:
| Date | Currency | Buying | Selling |
|---|---|---|---|
| 1/11/2022 | USD | ₦750 | ₦770 |
Black Market Exchange Rate Meaning
Exchange rates in the black market are rates that are different from the official rate provided by a government. When the official rate doesn’t accurately reflect the state of the market, these black-market rates frequently appear.
As with most cases globally, Nigeria’s black-market exchange rate is always different from the CBN rate. The Nigerian economy is greatly impacted by the exchange rate between the US Dollar (USD) and the Nigerian naira.
Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the populace. The Central Bank has called for Nigerians to work toward this objective, such as expanding exports, and has stated that the country’s economy needs a substantial turnaround.