How much is the Dollar to Naira Exchange rate at the black market today, 19th October 2022? The rate in the parallel market is between ₦725 and ₦743. See today’s Dollar to Naira exchange rate. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate.
Nigerians prefer to exchange foreign currency, particularly dollar to Naira, on the black market since the conversion rate is much higher than what the bank offers.
On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.
Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
Selling Rate | 742 |
Buying Rate | 730 |
Here are some of the causes of the dwindling dollar to naira exchange rate.
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