As a Nigerian that is really interested in the FOREX market or maybe you conduct online payment transactions daily, the first thought that gets to your head every morning are; the current exchange rate of Dollar to Naira in black market or the CBN exchange rate Dollar to Naira. This is quite normal, that is why here at blogginfotech.com, we promise to bring to your daily updates of the current Dollar rate in Nigerian black market and the official CBN (Central Bank of Nigeria) rate. You can bookmark or always check on this page for future updates.
The United States Dollar (USD)
The United States Dollar (USD) is unarguably one of the strongest currency in the world today. It is accepted in almost parts of the world as a means of payment of services or transactions carried but online and offline. A hundred Cents makes 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 makes use of the Dollar as their official currency but their value and exchange rates are quite different from that of the United States Dollar. Example 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 State Dollar is that it has an inflation rate of 0,10%.
The Nigeria Naira (NGN)
The Naira is the currency used by the biggest black nation in Africa, which is the Federal Republic Of Nigeria. The Nigeria Naira have maintained a stand of being one of the strongest currency in Africa as at the 20th century, but getting to the 21st century especially in recent times, things have really changed negatively. The foreign exchange rate of the Nigeria Naira have been on the decline in an alarming rate. A hundred Kobo makes up a Naira and the symbol for the Kobo and Naira respectively are; Kobo and ₦. The code for the Naira 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 parallel 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:
Exchange Rate Dollar To Naira Black Market Today
The Nigeria black market dollar exchange rate today to the Nigerian Naira are as follows:
Buying = 1 USD to Naira 357
Selling = 1 USD to Naira 361
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 realtime.
CBN Exchange Rate Of Dollar To Naira Today
The current CBN exchange rate of the Dollar to Naira today is:
1 USD = NGN 306
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 realtime.
Terms You Should Know About Dollar to Naira Exchange Rate
The exchange rate of United State Dollar (USD) to Naira differs among financial institutions in Nigeria and various parallel or black market 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 realtime) is the one you have seen above.
Black Market Exchange Rate of Dollar to Naira
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 black market rate
CBN Exchange Rate
CBN like you already know stands for Central Bank of Nigeria. The CBN exchange rate, it 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 banks exchange rates is 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.
Must read: card limit
Buying and Selling Rate
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. 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 arte 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 Dollar to Naira in various financial institutions or money exchangers.
If you will observe the present Dollar to Naira exchange rate and compare it to like few years back you will quite agree with me that the Nigerian Naira is currently losing its stand. Always check on blogginfotech.com for current information concerning the Nigerian Naira and its United States Dollar counterpart.