As a Nigerian who is interested in the Forex market or maybe you carry online payment transactions daily in foreign payment gateways, it is proper for you to get yourself acquainted with the current exchange rate of Dollar to Naira in the black market or the CBN exchange rate of Dollar to Naira. This is the more reason why here at Blogginfotech, we promise to bring to your real-time updates of the exchange rates of Dollar to Naira both in that parallel market and the official CBN (Central Bank of Nigeria) rate. You can bookmark or always check on this page for future values or exchange rates as the updates are done in real-time.
Apart from giving you the latest updates of the United States Dollars to the Nigerian Naira exchange rates, this article also gives you an insight into some facts you need to know about the two currencies. Also at the tail end of this article, you will find some terms you should get yourself acquainted with in order to understand this post properly.
The United States Dollar (USD)
The United States Dollar (USD) is unarguably one of the strongest currencies in the world today. It is accepted in most parts of the world as a means of payment of services or transactions carried but online and offline. A hundred Cents make up a Dollar, and the symbols of Cent and Dollar respectively are (¢) and $. The code for the United States Dollar is USD.
Some other countries also make use of the Dollar as their official currency but their value and exchange rates are quite different from that of the United States Dollar. Examples of such countries include; Ecuador, Zimbabwe, Canada, East Timor, Palau, Federated States of Micronesia, Panama, Turks and Caicos Island, Marshall Island, El Salvador, Caribbean Netherlands, British Virgin Islands, etc. One good fact about the United States Dollar is that it has an inflation rate of 0,10%.
The Nigeria Naira (NGN)
The Naira is the currency used by the Federal Republic Of Nigeria. The exchange rate of the Nigeria Naira is experiencing a reduction in Value at the moment, but before now it has maintained a stand of being one of the strongest currencies in Africa during the 20th century. In the present 21st century especially in recent times, things have really changed negatively. The foreign exchange rate of the Nigerian Naira has been on the decline at an alarming rate. One hundred Kobo makes up a Naira and the symbol for the Naira is ₦, while the code is simply written as NGN.
How Much Is Dollar To Naira Exchange Rate Today?
The United States Dollar to Nigerian exchange rate today in the black market is quite different from the official CBN rate. We shall be giving you daily updates of both dollar rates on this page. Look at them below:
Dollar To Naira Exchange Rate in Black Market Today, May 2022
The exchange rate of the Dollar to Naira in black market today is as follows:
Buying: 1 USD = NGN 590
Selling: 1 USD = NGN 595
This is the current price as updated today, you can always check this spot for daily updates (or periodic updates) because they are done in real-time. I normally update these rates once I receive updates from BDC operators or black market dealers.
CBN Exchange Rate of Dollar to Naira Today
The current CBN exchange rate of the Dollar to Naira today is:
1 USD = NGN 415
To get the Official Central Bank of Nigeria (CBN) daily exchange rate of the Dollar to Naira, always check on this spot for future updates as the figures are been updated in real-time.
Terms You Should Know About Dollar to Naira Exchange Rate
The exchange rate of the United States Dollar (USD) to Naira differs among financial institutions in Nigeria and various parallel or black markets win different states in the country. With respect to this, there are certain terms related to exchange rates you need to know and get yourself familiar with. They are as follows:
Dollar to Naira Exchange Rate
The exchange rate of Dollar to Naira is the exact equivalent of 1 Dollar in Naira. The exact rate at this present moment (because it is updated in real-time) is the one you have seen above.
Black Market Exchange Rate of Dollar to Naira
The black market, Aboki change rate, or parallel market can be used interchangeably as they all mean the same thing. This is the exchange rate you will get from Aboki exchangers within the streets. They are found in almost all major cities in Nigeria. The rate these aboki exchangers buy and sell Dollars for Naira is called the black market rate
CBN Exchange Rate
CBN like you already know stands for Central Bank of Nigeria. The CBN exchange rate is the amount in Naira they are buying or selling Dollars. If you will observe, these are rates are always smaller when compared to aboki or bank rates.
Nigerian Banks Exchange Rates
The Nigerian bank’s exchange rates are actually the exact amount various banks in Nigeria charge your Naira Master or Visa Card when you use it to buy products or services on foreign sites that only trade in Dollars. These rates vary among banks and they are usually higher than CBN rates.
Buying and Selling Rate
The buying rate is the amount in Naira that the Central Bank of Nigeria, Western Union, Money Gram, Nigerian Banks, or Aboki exchangers will give you for 1 Dollar. The selling rate, on the other hand, is the rate all the above-mentioned institutions will sell a Dollar to you when you pay in Naira. The selling rate is always higher than the buying rate.
It is important you get yourself acquainted with these terms when you are trying to trade or exchange dollars to Naira in various financial institutions or money exchangers.
If you will observe the present Dollar to Naira exchange rate in black market or CBN, and compare it to that of a few years back you will quite agree with me that the Nigerian Naira is currently losing its value. Always check on this page for current information concerning the Nigerian Naira and its United States Dollar counterpart or simply bookmark this page on your browser for future reference.