By Aminat Umar
Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.
This platform reports that the parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website.
It should be noted that Naira Rain Nigeria has that the dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.
CBN Official Dollar To Naira Today Exchange Rate
The CBN exchange rate of dollar to naira today, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official is as follows:
👆👆👆👆👆👆👆👆Above you can see the chart for the Nigerian Naira rate today compared to the Dollar.
Certainly, here’s the data arranged in a table format:
| CODE |
NAME |
BUYING (₦) |
CENTRAL (₦) |
SELLING (₦) |
| USD |
United States Dollar |
744.931 |
745.431 |
745.931 |
| GBP |
United Kingdom Pound |
950.4575 |
951.0954 |
951.7334 |
| EUR |
Euro Member Countries |
811.5278 |
812.0725 |
812.6172 |
| CHF |
Switzerland Franc |
848.3442 |
848.9136 |
849.483 |
| JPY |
Japanese Yen |
5.097 |
5.1005 |
5.1039 |
| XOF |
Communaute Financiere Africaine BCE |
1.2563 |
1.2663 |
1.2763 |
| XAF |
Communaute Financiere Africaine CFA |
1.2563 |
1.2663 |
1.2763 |
| WAU |
WEST AFRICAN UNITS ACCOUNTS |
1020.0313 |
1020.716 |
1021.4006 |
| SAR |
Saudi Arabia Riyal |
198.6271 |
198.7604 |
198.8937 |
| DKK |
Denmark Krone |
108.8826 |
108.9557 |
109.0287 |
| ZAR |
South Africa Rand |
39.096 |
39.1222 |
39.1485 |
| CNY |
China Yuan Renminbi |
102.1321 |
102.2006 |
102.2692 |
| XDR |
Special Drawing Rights |
992.0246 |
992.6905 |
993.3563 |
It’s evident from the data that the USD to Naira exchange rate heavily influences other currency rates, directly impacting Nigeria’s import costs.
| 1 USD = 767.6886 NGN |
| 1 Dollars = 767.6886 Nigerian Naira |
| The USDNGN rate as of 18 Aug 2023 at 7:42 AM |
