As of April 18, 2024, the black market exchange rate for the US dollar to Naira is as follows:
Buying Rate: ₦1,020.00
Selling Rate: ₦1,060.00
This means that purchasing 1 US dollar in the black market requires paying ₦1,060.00, while selling 1 US dollar yields ₦1,020.00.
Here’s a summary of the exchange rates for different denominations of US dollars to Nigerian Naira in the black market:
$1 to Naira: Buying rate ₦1,020.00, Selling rate ₦1,060.00
$5 to Naira: Buying rate ₦5,100.00, Selling rate ₦5,300.00
$10 to Naira: Buying rate ₦10,200.00, Selling rate ₦10,600.00
$20 to Naira: Buying rate ₦20,400.00, Selling rate ₦21,200.00
$50 to Naira: Buying rate ₦51,000.00, Selling rate ₦53,000.00
$100 to Naira: Buying rate ₦102,000.00, Selling rate ₦106,000.00
$200 to Naira: Buying rate ₦204,000.00, Selling rate ₦212,000.00
$300 to Naira: Buying rate ₦306,000.00, Selling rate ₦318,000.00
$400 to Naira: Buying rate ₦408,000.00, Selling rate ₦424,000.00
$500 to Naira: Buying rate ₦510,000.00, Selling rate ₦530,000.00
$600 to Naira: Buying rate ₦612,000.00, Selling rate ₦636,000.00
$800 to Naira: Buying rate ₦816,000.00, Selling rate ₦848,000.00
$1,000 to Naira: Buying rate ₦1,020,000.00, Selling rate ₦1,060,000.00
$5,000 to Naira: Buying rate ₦5,100,000.00, Selling rate ₦5,300,000.00
$10,000 to Naira: Buying rate ₦10,200,000.00, Selling rate ₦10,600,000.00
The official exchange rate of the US dollar to the Nigerian naira, as of today, is ₦1,592.67 per US dollar.
This is the rate used by the Central Bank of Nigeria (CBN) for its transactions and interventions in the foreign exchange market.
The official rate serves as a basis for the exchange rates of other foreign currencies such as the euro, the pound sterling, and the Chinese yuan.
The difference between the black market rate and the official rate is known as the parallel market premium.
This premium indicates the level of divergence between the official and unofficial markets and reflects the degree of confidence in the naira and CBN’s policies.