This post is about the current Dollar to Naira exchange rate in the black market today. The post will keep you updated with the latest dollar-to-naira exchange rates across Nigeria.
Dollar to Naira Exchange Rate
As of today, the official CBN rate stands at:
Dollar to naira exchange rate today:
SELL $1 = ₦1614
Central N1610
BUY $1 = ₦1605
Sell price: it’s the price at which the market is selling.
Buy price: it is the Price at which the market is buying.
You can use the quick links below for easier navigation
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See the Dollar to Naira Calculator here
Dollar to Naira Exchange Rate in the Black Market
The Dollar to Naira Exchange Rate in the Black Market (Parallel Market) as of today stands at:
Buy : $1 = ₦1605
Sell: $1 = 1614
What is the Black Market?
According to Wikipedia, a black market is a clandestine market or series of transactions that has some aspect of illegality or is characterized by some form of noncompliant behaviour with an institutional set of rules.
If the rule defines the set of goods and services whose production and distribution are prohibited by law, non-compliance with the rule constitutes a black market trade since the transaction itself is illegal.
However, people prefer the use of the black market at times because of the availability of cheap services they provide. Traders in the black market are always ready to sell a bit below the normal price from the conventional markets around.
A lot of things are being sold in the black market. However, our concern here is on the trading of currencies in the black market.
Dollar to Naira Exchange Rate
There is a big divide between the official Dollar to Naira rate and the rate in the black market. The official CBN rate stands at ₦ 1600.86 per US Dollar ($) Centrally.
1 US dollar sells for ₦1614 and is being bought for the sum of ₦ 1605. The parallel market rate (black market) is stated above.
Although these rates are subject to unexpected changes due to the instability of the forex market, they are overly high, to say the least.
The result of such a high exchange rate for the dollar is that Nigerians spend so much to buy so little, especially when it comes to foreign or imported goods. Also, consider Nigerians who have to pay medical and educational bills in this foreign currency.
Exchange Rate (Dollar To Naira) in Black Market History
Date Open Close High Low Mid August
Monday 5 August 2024 (05/08/2024) Friday 2 August 2024 (02/08/2024) Thursday 1 August 2024 (01/08/2024) July
Wednesday 31 July 2024 (31/07/2024) Tuesday 30 July 2024 (30/07/2024) Monday 29 July 2024 (29/07/2024) Friday 26 July 2024 (26/07/2024) Thursday 25 July 2024 (25/07/2024) Wednesday 24 July 2024 (24/07/2024) Tuesday 23 July 2024 (23/07/2024) Monday 22 July 2024 (22/07/2024) Friday 19 July 2024 (19/07/2024) Thursday 18 July 2024 (18/07/2024) Wednesday 17 July 2024 (17/07/2024) Tuesday 16 July 2024 (16/07/2024) Monday 15 July 2024 (15/07/2024) Friday 12 July 2024 (12/07/2024) Thursday 11 July 2024 (11/07/2024) Wednesday 10 July 2024 (10/07/2024) Tuesday 9 July 2024 (09/07/2024) Monday 8 July 2024 (08/07/2024) Friday 5 July 2024 (05/07/2024) Thursday 4 July 2024 (04/07/2024) Wednesday 3 July 2024 (03/07/2024) Tuesday 2 July 2024 (02/07/2024) Monday 1 July 2024 (01/07/2024) June
Friday 28 June 2024 (28/06/2024) Thursday 27 June 2024 (27/06/2024) Wednesday 26 June 2024 (26/06/2024) Tuesday 25 June 2024 (25/06/2024) Monday 24 June 2024 (24/06/2024) Friday 21 June 2024 (21/06/2024) Thursday 20 June 2024 (20/06/2024) Wednesday 19 June 2024 (19/06/2024) Tuesday 18 June 2024 (18/06/2024) Monday 17 June 2024 (17/06/2024) Friday 14 June 2024 (14/06/2024) Thursday 13 June 2024 (13/06/2024) Wednesday 12 June 2024 (12/06/2024) Tuesday 11 June 2024 (11/06/2024) Monday 10 June 2024 (10/06/2024) Friday 7 June 2024 (07/06/2024) Thursday 6 June 2024 (06/06/2024) Wednesday 5 June 2024 (05/06/2024) Tuesday 4 June 2024 (04/06/2024) Monday 3 June 2024 (03/06/2024) May
Friday 31 May 2024 (31/05/2024) Thursday 30 May 2024 (30/05/2024) Wednesday 29 May 2024 (29/05/2024) Tuesday 28 May 2024 (28/05/2024) Monday 27 May 2024 (27/05/2024) Friday 24 May 2024 (24/05/2024) Thursday 23 May 2024 (23/05/2024) Wednesday 22 May 2024 (22/05/2024) Tuesday 21 May 2024 (21/05/2024) Monday 20 May 2024 (20/05/2024) Friday 17 May 2024 (17/05/2024) Thursday 16 May 2024 (16/05/2024) Wednesday 15 May 2024 (15/05/2024) Tuesday 14 May 2024 (14/05/2024) Monday 13 May 2024 (13/05/2024) Friday 10 May 2024 (10/05/2024) Thursday 9 May 2024 (09/05/2024) Wednesday 8 May 2024 (08/05/2024) Tuesday 7 May 2024 (07/05/2024) Monday 6 May 2024 (06/05/2024) Friday 3 May 2024 (03/05/2024) Thursday 2 May 2024 (02/05/2024) Wednesday 1 May 2024 (01/05/2024) April
Tuesday 30 April 2024 (30/04/2024) Monday 29 April 2024 (29/04/2024) Friday 26 April 2024 (26/04/2024) Thursday 25 April 2024 (25/04/2024) Wednesday 24 April 2024 (24/04/2024) Tuesday 23 April 2024 (23/04/2024) Monday 22 April 2024 (22/04/2024) Friday 19 April 2024 (19/04/2024) Thursday 18 April 2024 (18/04/2024) Wednesday 17 April 2024 (17/04/2024) Tuesday 16 April 2024 (16/04/2024) Monday 15 April 2024 (15/04/2024) Friday 12 April 2024 (12/04/2024) Thursday 11 April 2024 (11/04/2024) Wednesday 10 April 2024 (10/04/2024) Tuesday 9 April 2024 (09/04/2024) Monday 8 April 2024 (08/04/2024) Friday 5 April 2024 (05/04/2024) Thursday 4 April 2024 (04/04/2024) Wednesday 3 April 2024 (03/04/2024) Tuesday 2 April 2024 (02/04/2024) Monday 1 April 2024 (01/04/2024) March
Friday 29 March 2024 (29/03/2024) Thursday 28 March 2024 (28/03/2024) Wednesday 27 March 2024 (27/03/2024) Tuesday 26 March 2024 (26/03/2024) Monday 25 March 2024 (25/03/2024) Friday 22 March 2024 (22/03/2024) Thursday 21 March 2024 (21/03/2024) Wednesday 20 March 2024 (20/03/2024) Tuesday 19 March 2024 (19/03/2024) Monday 18 March 2024 (18/03/2024) Friday 15 March 2024 (15/03/2024) Thursday 14 March 2024 (14/03/2024) Wednesday 13 March 2024 (13/03/2024) Tuesday 12 March 2024 (12/03/2024) Monday 11 March 2024 (11/03/2024) Friday 8 March 2024 (08/03/2024) Thursday 7 March 2024 (07/03/2024) Wednesday 6 March 2024 (06/03/2024) Tuesday 5 March 2024 (05/03/2024) Monday 4 March 2024 (04/03/2024) Friday 1 March 2024 (01/03/2024) February
Thursday 29 February 2024 (29/02/2024) Wednesday 28 February 2024 (28/02/2024) Tuesday 27 February 2024 (27/02/2024) Monday 26 February 2024 (26/02/2024) Friday 23 February 2024 (23/02/2024) Thursday 22 February 2024 (22/02/2024) Wednesday 21 February 2024 (21/02/2024) Tuesday 20 February 2024 (20/02/2024) Monday 19 February 2024 (19/02/2024) Friday 16 February 2024 (16/02/2024) Thursday 15 February 2024 (15/02/2024) Wednesday 14 February 2024 (14/02/2024) Tuesday 13 February 2024 (13/02/2024) Monday 12 February 2024 (12/02/2024) Friday 9 February 2024 (09/02/2024) Thursday 8 February 2024 (08/02/2024) Wednesday 7 February 2024 (07/02/2024) Tuesday 6 February 2024 (06/02/2024) Monday 5 February 2024 (05/02/2024) Friday 2 February 2024 (02/02/2024) Thursday 1 February 2024 (01/02/2024) January
Wednesday 31 January 2024 (31/01/2024) Tuesday 30 January 2024 (30/01/2024) Monday 29 January 2024 (29/01/2024) Friday 26 January 2024 (26/01/2024) Thursday 25 January 2024 (25/01/2024) Wednesday 24 January 2024 (24/01/2024) Tuesday 23 January 2024 (23/01/2024) Monday 22 January 2024 (22/01/2024) Friday 19 January 2024 (19/01/2024) Thursday 18 January 2024 (18/01/2024) Wednesday 17 January 2024 (17/01/2024) Tuesday 16 January 2024 (16/01/2024) Monday 15 January 2024 (15/01/2024) Friday 12 January 2024 (12/01/2024) Thursday 11 January 2024 (11/01/2024) Wednesday 10 January 2024 (10/01/2024) Tuesday 9 January 2024 (09/01/2024) Monday 8 January 2024 (08/01/2024) Friday 5 January 2024 (05/01/2024) Thursday 4 January 2024 (04/01/2024) Wednesday 3 January 2024 (03/01/2024) Tuesday 2 January 2024 (02/01/2024)
Reasons Why The Naira is So Poor Against The Dollar
Why is the Nigerian Naira so poor in relation to the US dollar? This question has been in my consciousness for a very long time, and I guess it has, at some point, bothered you as well. The American dollar is among the most valued currencies in the world. At least, it is used as the standard exchange currency. However, it’s worth noting that less than 30 years ago, the naira was equal to or better than the dollar in value. In fact, between 1970-1975, 79kobo was equal to $1. So, why has the Nigerian Naira fallen so flat against the US dollar? some of the major reasons discourse below:
Devaluation Of The Nigerian Currency
The 1970s oil boom in Nigeria placed Nigeria amongst the richest countries in the world. This was the period that the then Nigerian military head of state, General Murtala Mohamed, said that “the problem of Nigeria is not money but what to do with money.”
The Nigerian economy was so strong then. However, In the early 1980s, the price of oil in the foreign market dropped ridiculously.
Hence, Nigeria got into a financial mess and difficulty because we depended on oil revenues for almost all of our foreign exchange needs. In order to help salvage the situation, Nigerian governments have tried to borrow money from the IMF and World Bank at different times.
However, the borrowing comes with certain conditionality, which amongst others, is the devaluation of a nation’s currency. As we continued to borrow from the IMF and World Bank, that was how we continued to devalue the Nigerian Naira until it got so worst than we have it today.
Excessive Importation
Nigeria is a country that depends so much on imported goods and products. Necessities like rice, plantain, fish, toothpicks, spoons, etc., are all imported on a daily basis for Nigerians. Talk about things such as electrical appliances, cars, furniture etc. Nigeria will literally crumble if we do not import these things. A country that imports so much will definitely have a poor currency.
The effect of this over-importation is that more money leaves the shores of Nigeria than the ones that come into Nigeria.
Hence, while the currencies of the countries that import all these things into the shores of Nigeria get stronger, that of Nigeria gets weaker comparatively.
Poor Investment In Exportation
Nigeria is blessed! You can take my word for it. The country boasts vast deposits of mineral resources, human resources as well as numerous tourist attractions.
Still, the federal government has chosen to largely ignore these export sources and focus largely on crude oil, whose value is fast depreciating.
Nigeria still exports crude oil and imports Premium Motor Spirit (petrol), gasoline, Kerosene and other constituents of crude oil, which should’ve been refined within the country, but guess what? Many of our refineries are barely functional. The naira can only gain value if the country invests in the exportation of finished products instead of doing the opposite.
Dwindling Economy
Sadly enough, the Nigerian economy, which used to be the best in Africa and among the best in the world, has been reduced to nothing as a result of our dependency on only oil.
Nigeria’s GDP still puts the country as one of the top economies in Africa, but our poor performance abroad, coupled with the collapse of oil prices, has left the Nigerian economy dwindling into a full-blown recession. With a poor economy comes a poor currency. However, with the recession now declared over, an end might be in sight.
The Nigerian Mentality
The general Nigerian mentality about foreign-made products is that anything foreign is far better than homemade. That’s a very bad mentality to have.
Foreign nationals would rather buy locally made products to support their countrymen, like the Asian Tigers. But sadly, this is not the case with Nigerians. Our love for everything foreign has made the dollar gain so much ground against the Naira.
Also, it must be mentioned here that mindset was not natural to Nigerians. it was introduced to us by our colonial masters, that tried to discourage the consumption of all locally made products in favor of their imported products. this colonial mindset is still affecting us to date.
Excessive looting
The Nigerian state is being robbed blind by corrupt politicians. Tell you what; trillions of naira have been looted from public coffers by politicians saddled with the responsibility of using these funds for the betterment of the country.
These stolen funds are usually converted into foreign currencies, especially dollars and kept in foreign banks. This has further made the naira so cheap against the dollar.
Dollar to Naira in Black Market
The black market is the same as the parallel market. The dollar changes for more there. The dollar-to-naira black market rate is ₦1614. That is, $1 = ₦1614.
That is, One United States dollar equals seven hundred and forty-seven Nigerian nairas.
Quick Facts To Know About The US Dollar
- The dollar symbol ($) was coined from the previously used American currency known as the Spanish Peso.
- The United States dollar is not made of paper; it’s made of cotton, silk fibres and linen blend.
- The $2 bill is barely in circulation. That’s why it’s known as the “Luck dollar.”
- The Dollar is the official currency of over 20 countries in the world.
- The US dollar has over 70 recognized nicknames.
- The US dollar was brought into existence by the Coinage Act of 1792
- The US dollar is equivalent to 100 cents, usually in coins.
- The first US paper dollar came into existence in 1875
- The largest dollar bill ever printed was the $100,000 bill, although that bill was never in general circulation.
- The arrows in the eagle’s left talon at the back of the $1 bill represent peace.
Dollar(USD) to Naira(N) History
Through 2013, 2014 and early 2015, the dollar was exchanged for about 160 nairas. In late 2015 and all through 2016, it was exchanged for 200 nairas. In 2017, it jumped to 300+ naira per dollar. Now it exchanges for more than 1,500 nairas.
Quick info
- Crude oil price is currently at $77.12 per barrel.
- Inflation rate in Nigeria is at 34.19%
- Money Policy Rate, MPR is at 26.25%
So that is it, guys. Do you still have any other thing you would like to know or ask us? You can quickly use the comment section down below. Also, you can use the share button below to share this article with your friends on social media. Thanks.
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