This post will keep you updated with the latest dollar to naira exchange rates across Nigeria. The parallel rate stands at:
Dollar to naira exchange rate today
Sell $1 = ₦369.
Buy $1 = ₦365.
Sell price: Price at which the market is selling.
Buy price: Price at which the market is buying.
Dollar to naira exchange rate
There is a big divide between the official dollar to Naira rate and the rate in the black market. The official rates stand at N306 per Dollar ($). The parallel market rate is stated above.
Although these rates are subject to change unexpectedly due to the instability of the forex market, they are overly high, to say the least. The result of such 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 for medical and educational bills in this foreign currency.
Reasons why the naira is so poor against the dollar
The American dollar is among one of the most valued currencies in the world, still, it’s worthy of note that, less than 30 years ago, the naira was equal or better than the dollar in value. So, why has the naira fallen so flat against the dollar? We take a look at some reasons.
Nigerian is a country that has so much dependency on imported goods and products. Basic necessities like rice, plantain, fish, toothpick, spoon, etc. are imported 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.
Poor investment in exportation
Nigeria is blessed! You can take my word for it. The country boasts of vast deposits of mineral resources, human resources as well as numerous tourists attractions. Still, the federal government has chosen to largely ignore this 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.
Sadly, the Nigerian economy has not been doing so well lately. From being the largest economy in Africa and one of the fastest growing economies in the world, the Nigerian economy has nose-dived inexplicably. 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 anything foreign-made is that it’s better than home-made. That’s a very bad mentality to have. Foreign nationals would rather buy locally made products to support their countrymen, 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.
The Nigerian state is being robbed blind by corrupt politicians. Tell you what; trillions of naira has been looted from public coffers by politicians saddled with the responsibility of using this 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 CBN rate:
The Central Bank of Nigeria, CBN rate is the official amount Nigerian banks will convert dollar to naira. It’s currently at ₦306.00 I.e 1USD equal 305.00 Nigerian Naira.
Dollar to Naira Black Market
Black market is the same as parallel market. The dollar changes for more there. The dollar to naira black market rate is ₦364. I.e $1 = ₦364.
That is, One United states dollar equals three hundred and sixty three Nigerian naira.
Things you didn’t know about the dollar
- The dollar symbol ($) was coined from the previously used American currency known as Spanish Peso.
- The United States dollar is not made of paper; it’s made of cotton, silk fibers 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
Crude oil price is currently at $51.85 per barrel.
Inflation rate in Nigeria is at 16.1%