By Aminat Umar
The official exchange rate of the US dollar to the Nigerian naira, as of today, 21st May 2024, is ₦1,468 per 1 US dollar. The black market offers a higher selling rate than the official market.
Dollar (USD) to Naira (NGN) Exchange Rate Today
CBN Official Rate:
- Buying rate: ₦1,468 per US Dollar.
- Selling rate: ₦1,469 per US Dollar.
Black Market Exchange Rate:
- Buying rate: ₦1,510 per US Dollar.
- Selling rate: ₦1,520 per US Dollar.
Comparison to Yesterday’s Rate: The Naira appreciated slightly against the dollar in the official market. But depreciated in the parallel market. The black market offers a significantly higher exchange rate.
The Nigerian Naira experienced a slight appreciation against the US Dollar in the official exchange rate at the Nigerian Autonomous Foreign Exchange Market (NAFEM). The naira traded at ₦1,468.99 per $1, representing a 1.89% increase compared to ₦1,497.33 per $1 recorded the previous day.
The Nigerian Naira has been experiencing slight appreciation against the US Dollar. On Monday, the official exchange rate for the Naira on the NAFEM window reached N1,468.99 per 1 US Dollar, representing a 1.93% increase compared to the previous week.
According to data from the Central Bank, Nigeria’s foreign reserves have grown by $535 million over the past month, providing a buffer for the currency. Forex turnover on the NAFEM window jumped by 93% on Monday compared to Friday, indicating increased dollar availability.
The Customs duty exchange rate is still higher
This Naira’s appreciation translates to a lower cost of importing goods for businesses.
However, the Nigerian Customs Service (NCS) still uses a higher exchange rate of ₦1,481 per $1 for collecting import duties. When the Naira depreciated to ₦1,533 per US Dollar, the NCS raised the exchange rate for import duty collections by ₦38, from ₦1,492 per 1 USD to ₦1,530 per 1 USD.
While this rate is down slightly from N1,500/$ due to the Naira’s appreciation, it remains above the official NAFEM rate.
Due to this instability in customs duty, the Centre for the Promotion of Private Enterprise (CPPE) has recommended that the NCS adopt a fixed quarterly exchange rate for import duties, around ₦1,000 per 1 USD, to address frequent changes and market volatility.
Black Market Rate
| 🇺🇸 Amount in Dollars ($) | 🇳🇬 Buying Rate (₦) | 🇳🇬 Selling Rate (₦) |
|---|---|---|
| $1 USD | ₦1,510 NGN | ₦1,520 NGN |
| $5 USD | ₦7,550 NGN | ₦7,600 NGN |
| $10 USD | ₦15,100 NGN | ₦15,200 NGN |
| $15 USD | ₦22,650 NGN | ₦22,800 NGN |
| $25 USD | ₦37,750 NGN | ₦38,000 NGN |
| $50 USD | ₦75,500 NGN | ₦76,000 NGN |
| $100 USD | ₦151,000 NGN | ₦152,000 NGN |
| $150 USD | ₦226,500 NGN | ₦228,000 NGN |
| $200 USD | ₦302,000 NGN | ₦304,000 NGN |
| $500 USD | ₦755,000 NGN | ₦760,000 NGN |
| $1,000 USD | ₦1,510,000 NGN | ₦1,520,000 NGN |
| $5,000 USD | ₦7,550,000 NGN | ₦7,600,000 NGN |
| $10,000 USD | ₦15,100,000 NGN | ₦15,200,000 NGN |
| $50,000 USD | ₦75,500,000 NGN | ₦76,000,000 NGN |
