The dollar to naira today black market exchange rates in Lagos Nigeria today. It also includes the Naira Back Market rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates.

 

Dollars to Naira

The following are the dollar to naira current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying United States Dollars (USD) at the parallel (unofficial) market.

Dollars to Naira (USD to NGN)	Exchange Rate Today
Buying Rate	₦745
Selling Rate	₦750

 

 

Pounds to Naira

The following are the current pounds to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Great Britain Pound Sterling at the parallel (unofficial) market.

Pounds to Naira (GBP to NGN)	Exchange Rate Today
Buying Rate	₦920
Selling Rate	₦930

 

 

Euro to Naira

The following are the current Euro to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Euros at the parallel (unofficial) market.

Euro to Naira (CAD to NGN)	Black Market Exchange Rate Today
Buying Rate	₦790
Selling Rate	₦8150

 

Canadian Dollar to Naira

The following are the current CAD to naira black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Canadian Dollars at the parallel (unofficial) market.

Canadian Dollar to Naira (CAD to NGN)	Black Market Exchange Rate Today
Buying Rate	₦580
Selling Rate	₦610

 

Rand to Naira

The following are the current Rand to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Rand to Naira at the parallel (unofficial) market.

Rand to Naira (ZAR to NGN)	Black Market Exchange Rate Today
Buying Rate	₦31
Selling Rate	₦38

 

Dirham to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Dirham to Naira at the parallel (unofficial) market.

Dirham to Naira (AED to NGN)	Black Market Exchange Rate Today
Buying Rate	₦180
Selling Rate	₦200

 

 

Yuan to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Yuan to Naira at the parallel (unofficial) market.

Yuan to Naira (CNY to NGN)	Black Market Exchange Rate Today
Buying Rate	₦80
Selling Rate	₦90

 

 

Ghanaian Cedi to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel (unofficial) market.

Cedi to Naira (GHS to NGN)	Black Market Exchange Rate Today
Buying Rate	₦40
Selling Rate	₦55

 

West African CFA franc to Naira 

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying West African CFA franc to Naira at the parallel (unofficial) market.

Dirham to Naira (XOF to NGN)	Black Market Exchange Rate Today
Buying Rate	₦1050
Selling Rate	₦1100

 

 

Central African CFA franc to Naira

The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel (unofficial) market.

CFA to Naira (XAF to NGN)	Black Market Exchange Rate Today
Buying Rate	₦920
Selling Rate	₦950

 

CBN Official Naira Exchange Rates

The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.

 

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
2/17/2023	US DOLLAR	460	460.5	461
2/17/2023	POUNDS STERLING	548.918	549.5147	550.1113
2/17/2023	EURO	488.612	489.1431	489.6742
2/17/2023	SWISS FRANC	493.2976	493.8338	494.37
2/17/2023	YEN	3.4087	3.4124	3.4161
2/17/2023	CFA	0.7312	0.7412	0.7512
2/17/2023	WAUA	614.195	614.8626	615.5302
2/17/2023	YUAN/RENMINBI	66.845	66.9181	66.9912
2/17/2023	RIYAL	122.6372	122.7705	122.9038
2/17/2023	SOUTH AFRICAN RAND	25.2456	25.273	25.3005
Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)

 

GTBank Naira Exchange Rates

Bank	Currency	Rate	Date
GTBank	USD to Naira	₦ 490	16/10/2022

 

First Bank Naira Exchange Rates

Currency	Rate	Date
GBP	₦ 706	05/09/2022
EUR	₦ 602	18/07/2022
CAD	₦ 466	18/07/2022
USD	₦ 500	04/07/2022
INR	₦ 5.80	01/05/2021
RUB	₦ 6.20	01/05/2021

 

Access Bank Naira Exchange Rates

Currency	Rate	Date
USD To Naira	₦ 505	30/04/2022
EUR To Naira	₦ 531	31/08/2021
GBP To Naira	₦ 621	28/08/2021
CAD To Naira	₦ 357	18/08/2021
ZAR To Naira	₦ 31	18/08/2021
INR To Naira	₦ 6	18/08/2021
TRY To Naira	₦ 52	18/08/2021
AUD To Naira	₦ 299	01/05/2021
RUB To Naira	₦ 7.10	01/05/2021
SGD To Naira	₦ 268	01/05/2021
AED To Naira	₦ 109	26/11/2020
XOF To Naira	₦ 800	15/08/2020

 

UBA Naira Exchange Rates

Currency	Rate	Date
INR To Naira	₦ 6.12	15/10/2022
USD To Naira	₦ 503	29/04/2022
EUR To Naira	₦ 566	31/08/2021
GBP To Naira	₦ 622	23/07/2021
CAD To Naira	₦ 316	01/05/2021
AED To Naira	₦ 119	08/08/2020

 

Ecobank Naira Exchange Rates

Currency	Rate	Date
USD To Naira	₦ 480	23/03/2022
GBP To Naira	₦ 621	23/07/2021
EUR To Naira	₦ 499.45	16/06/2021
AED To Naira	₦ 107	15/08/2020
CAD To Naira	₦ 299	30/06/2020
INR To Naira	₦ 5.9	25/06/2020

 

Stanbic Bank Naira Exchange Rates

Currency	Rate	Date
USD To Naira	₦ 475	21/01/2022
EUR To Naira	₦ 543	22/07/2021
GBP To Naira	₦ 646	03/06/2021
CAD To Naira	₦ 337	01/05/2021
TRY To Naira	₦ 69	01/05/2021

 

 

 

The following are the euro to dollar exchange rates today. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others.

 

 

 

 

FAQ

Q: What is the Dollar worth against the Nigerian Naira?

A: One Dollar is worth 442.655 Nigerian Naira today

 

Q: Is the Dollar going up or down against the Nigerian Naira?

A: Today’s exchange rate (442.655) is lower compared to yesterday’s rate (442.8151).

 

Q: What are 50 Dollars in Nigerian Naira?

A: 50 Dollars buys 22132.75 Nigerian Naira at interbank exchange rates.

 

Dollar to Naira Exchange Rate

 

Pounds to Naira Black Market Exchange Rate

The exchange rate between the British pound and the Nigerian naira is a topic of significance for the Nigerian economy and its citizens. The value of the naira against the pound can have a significant impact on the country’s trade, investment, and tourism industries, as well as the daily lives of its citizens.

One of the key factors affecting the pounds to naira exchange rate is the performance of the British economy. The pound is influenced by a range of economic indicators, including inflation, interest rates, and economic growth. Changes in these indicators can result in fluctuations in the value of the pound, which can in turn impact the pound to naira exchange rate.

Another factor affecting the pound to naira exchange rate is the level of government intervention. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. However, devaluation can also lead to increased inflation and decreased purchasing power for consumers.

The black market exchange rate is another factor that can impact the pound to naira exchange rate. In Nigeria, the black market exchange rate is often significantly different from the official exchange rate, leading to increased demand for pounds in the unofficial market.

 

Aboki FX

The Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for “illegal foreign exchange transactions”. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. On Thursday, 16th of September 2021,  abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. An insider, familiar with the events, said that “unusual forex transactions” were found in his account, suggesting the promoters of the platform have been involved in illegal forex trading. The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation, but another source within the bank said he could not confirm the rumors. “There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow,” the source said. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021.

 

Black Market Exchange Rates

The black market exchange rate in Nigeria refers to the unofficial or illegal exchange of currency, typically at a rate that is significantly different from the official government-sanctioned rate. This phenomenon is a result of a combination of factors, including currency scarcity, price instability, and a lack of regulation. Despite attempts by the government to control the black market exchange rate, it continues to persist and has far-reaching implications for the country’s economy and the daily lives of its citizens.

One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. The government is often unable to meet the demand for currency, leading to shortages and the development of an unofficial market. In this market, individuals and businesses are willing to pay a premium for currency, leading to higher exchange rates than those officially sanctioned by the government.

The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. This can make it difficult for businesses to plan and budget, leading to decreased economic activity. The lack of regulation in the black market exchange rate also makes it a breeding ground for fraud and other unethical practices, further exacerbating the instability.

The higher exchange rates in the black market often result in inflated prices for imported goods, leading to increased inflation and a decrease in purchasing power for consumers. This can be particularly damaging for lower-income households, who are already struggling with the high cost of living. The existence of a black market exchange rate can also reduce the confidence of foreign investors and discourage investment in the country, further damaging economic growth and stability.

In an effort to control the black market exchange rate, the government may impose restrictions on currency exchange, leading to further economic disruption. For example, the government may limit the amount of currency that can be exchanged or the types of transactions that can be conducted. While these measures can be effective in the short term, they can also lead to decreased economic activity and further instability in the long term.

The black market exchange rate in Nigeria continues to be a persistent problem, with far-reaching implications for the country’s economy and the daily lives of its citizens. Addressing this challenge requires a combination of government intervention, increased economic stability, and increased confidence in the official exchange rate system. Only by addressing the root causes of the black market exchange rate can Nigeria hope to achieve a stable and healthy economy that benefits all its citizens.

 

Issues in Black Market Exchange Rates in Nigeria

 

Black Market Rate Conversion

Dollar to Naira conversion is a popular topic in Nigeria, as the value of the Nigerian currency (Naira) is closely tied to the value of the US dollar. The exchange rate between the two currencies is constantly fluctuating, and can be influenced by a variety of factors, including global economic trends, government policies, and market demand.

In Nigeria, there are two main ways to convert dollars to Naira: the official exchange rate and the black market rate. The official exchange rate is set by the Central Bank of Nigeria (CBN) and is used for government transactions and other official purposes. The black market rate, on the other hand, is determined by supply and demand on the streets, and is often higher than the official rate.

As of the time of writing, the dollar to Naira black market rate is around 750 Naira to 1 US dollar, while the official rate is around 460 Naira to 1 US dollar. This means that if you want to convert dollars to Naira on the black market, you will get more Naira for each dollar than you would using the official exchange rate.

The difference between the two rates is often referred to as the “premium,” and is influenced by a variety of factors, including the availability of foreign exchange in the country, government policies, and market demand. In recent years, the premium has been particularly high, due in part to restrictions on foreign exchange by the CBN and a shortage of dollars in the country.

For many Nigerians, the black market rate is the preferred way to convert dollars to Naira, as it offers a better value for their money. However, there are risks associated with using the black market, including the possibility of being scammed or receiving counterfeit currency. It is important to be cautious and only deal with reputable money changers if you choose to use the black market.

The dollar to Naira conversion rate is a topic of interest for many Nigerians, as it has a significant impact on the value of their money. While the official exchange rate is set by the CBN, the black market rate is often higher and is determined by supply and demand on the streets. While the black market rate can offer a better value for your money, it is important to be cautious and only deal with reputable money changers.

 

Euro to Naira Exchange Rate

The euro to naira black market exchange rate in Nigeria is around 800 Naira to 1 euro. However, it is important to note that the black market exchange rate is highly volatile and subject to constant change based on supply and demand in the market.

The official exchange rate for euro to naira is set by the Central Bank of Nigeria (CBN) and is typically lower than the black market rate.  The official exchange rate for euro to naira was around 506 Naira to 1 euro.

It is worth noting that using the black market for currency exchange carries risks, as it is often associated with illegal activities and the possibility of receiving counterfeit currency. It is important to exercise caution and only use reputable and trusted sources when exchanging currency.

Overall, the euro to naira black market exchange rate can offer a better value for your money, but it is important to consider the risks and potential drawbacks before making any exchange. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange.

 

Last Updated on: 2023-03-26 02:32:01.