Dollar to Naira Exchange Rate at Black Market and Official infomedia nigeria

Check US Dollar to Naira Daily Black Market Rate Today in Nigeria

The black market exchange rate of the US dollar to Naira in Nigeria early morning of Wednesday, December 2, 2020, showed a minor gain against the US dollar.

As against the N500/$1 exchange rate experienced in the past two days, 1USD is now N485 while buy stood at N480/$1.

It’s more than two days since the Central Bank of Nigeria locked FX accounts across the country under strict conditions, making it difficult for FX account owners to withdrawal

Disclaimer: This data is collated from various black market dealers in Lagos, Nigeria, meaning the price you find on this page WILL be slightly different from what you get in your state or street. Location matters.

InfomediaNG exchange prices are a guide and we’ll continue to update this page every day for the latest development in the exchange rate.

With this parallel market exchange rate, you might want to ask…

How can I convert Naira to Dollar on a domiciliary account?

Unless you’re a student, parent and guardian who is looking to pay school fees abroad you might not be able to convert Naira to Dollar on your dom account.

The service is made available by the Central Bank of Nigeria (CBN) through commercial banks in Nigeria. As such, banks are willing to sell forex. It’s called CBN official exchange rate.

In fact, at a time, some banks in the country limited purchase to $100, meaning, making a foreign purchase on an international store is limited. We hope it’s lifted very soon.

If you don’t fall among the aforementioned people, your best option is to reach out to the seller. You may have to buy from ‘sellers’ in turn for USD

I think we’ve solved that question of “how can I convert my naira in my GTBank Account to dollar in my GTBank Domiciliary Account?”

sell dollar online in Nigeria

Since 2020, the highest operators witnessed in the market was N480/$1 on August 18, 2020, while the lowest since the year was on March 9, 2020 when one US dollar was N360.

READ ALSO:  Naira Weakens To 470/USD Despite Nigeria’s Apex Bank Interventions

The rates at the Central Bank of Nigeria remained stable at ₦ 379.00 / 380.00  buy and sell respectively at the last update of this post.

It seems the intervention of the apex bank isn’t having any effect on the exchange rate. The Naira was expected to gain against the US dollar a few days ago when CBN began the sales of forex to the BDCs across Nigeria.

Bureau De Change In Osogbo-Osun state

In the last couple of days, a dollar was trading at 472 Naira at the black market before it gained N10, trading at N465 early in the week till its current status of N440.

Why is the Naira gaining against the US Dollar lately?

The past few months have been turbulent for Nigeria’s economy and monetary regulatory bank, the CBN headed by Mr Godwin Emefiele.

During the pandemic, it was gathered that the Central Bank of Nigeria stopped selling forex to Bureau De Change (BDC) in the country, which caused scarcity in the forex market.

The few US dollars that were in circulation were hoarded by speculators, thereby making gains from the abnormally.

However, CBN came up with a good number of policies such as “funding” the BDC among others in a bid for the Naira to regain its power against the dollar.

The “surplus” in the market coupled with other policies forced the naira to gain against the US dollar.

Nigeria’s Naira is expected to continue its gains against the dollar if the CBN continues to monitor a strict obedience to its policies, regulations and order handed down to the commercial banks in Nigeria.

CBN Official Reacts:

Speaking on the efforts of the Central Bank of Nigeria (CBN) to stabilise the naira against the dollar, Director of Corporate Communications Department at the CBN, Isaac Okorafor, said speculators in Nigeria’s foreign exchange market would count huge losses.

He said the CBN would also resume the sale of foreign exchange to operators of Bureau de Change from September 7 in a statement titled, “Forex: Speculators set to count losses”.

Okorafor cautioned the BDC against illicit practices, saying sale of forex to BDCs would be gradual and be done twice a week (Mondays and Wednesdays).

Why Naira might gain against the US dollar

The resumption of forex sales to the Bureau De Change (BDC) operators by the apex bank is expected to boost the Naira against the US dollar.

READ ALSO:  Parallel Market: CBN Governor Got It Wrong On Foreign Exchange

This is coming days after CBN announced that it would be resuming sale of foreign exchange to BDCs.

The move is aimed at enhancing accessibility to foreign exchange, the dollar was heading towards N500/$1 until the CBN’s intervention.

BDC operators express support for CBN’s policy

The President, Association of Bureaux De Change Operators of Nigeria, Alhaji Aminu Gwadabe, said the association is in full suport of the apex bank’s policy.

He was quoted as saying, “The anticipated intervention in the BDC sector will ensure stability in the foreign exchange market”.

He warned speculators to steer clear of the forex market, saying naira will continue to gain against the dollar.

Reacting, CBN through its Director of Corporate Communications advised those who require foreign exchange for purposes of travel, educational fees and other Invisibles to approach their respective banks.

CBN fund account of 5,180 BDCs

Meanwhile, the apex bank has funded accounts of over 5,180 BDCs with $51.8m for forex sales resumption just as international flights resumed at the Federal Capital Territory, Abuja.

We heard the certified Bureau De Change operators received the funds late Monday night, September 7, 2020.

What does this mean for Naira?

The Naira is expected to gain against the US dollar through the week and through the year if the CBN continues to play its regulatory roles and ensures compliance from banks and the BDCs.

Naira falls at black market against US dollar September 8

On Tuesday, September 8, 2020, Nigerian Naira falls further against the US dollar instead of the anticipated gain. At the parallel market, it’s N445/$1 despite the resumed sales of over $50 million to 5,180 BDC operators.

Latest US Dollar to Naira Black Market Rate in Nigeria

December 2, 2020

  • Buy: N480/$1
  • Sell: N485/$1

December 1, 2020

  • Buy: N490/$1
  • Sell: N500/$1

November 30, 2020

  • Buy: N490/$1
  • Sell: N500/$1

November 28, 2020

  • Buy: N485/$1
  • Sell: N500/$1

November 27, 2020

  • Buy: N485/$1
  • Sell: N495/$1

November 26, 2020

  • Buy: N485/$1
  • Sell: N495/$1

November 25, 2020

  • Buy: N480/$1
  • Sell: N487/$1

November 24, 2020

  • Buy: N476/$1
  • Sell: N483/$1

November 23, 2020

  • Buy: N474/$1
  • Sell: N484/$1

November 20, 2020

  • Buy: N474/$1
  • Sell: N484/$1

November 19, 2020

  • Buy: N470/$1 it closed at N472 before the close of business
  • Sell: N478/$1 closed at N480 before the close of business
READ ALSO:  Is It Possible To Buy Dollars Directly From CBN?

November 18, 2020

  • Buy: N470/$1
  • Sell: N478/$1

November 17, 2020

  • Buy: N470/$1
  • Sell: N475/$1

November 16, 2020

  • Buy: N467/$1
  • Sell: N475/$1

November 13, 2020

  • Buy: N460/$1
  • Sell: N470/$1

November 12, 2020

  • Buy: N460/$1
  • Sell: N468/$1

November 11, 2020

  • Buy: N460/$1
  • Sell: N465/$1

November 10, 2020

  • Buy: N460/$1
  • Sell: N465/$1

November 9, 2020

  • Buy: N458/$1
  • Sell: N464/$1

November 5, 2020

  • Buy: N458/$1
  • Sell: N465/$1

November 4, 2020

  • Buy: N458/$1
  • Sell: N464/$1

November 3, 2020

  • Buy: N458/$1
  • Sell: N463/$1

October 30, 2020

  • Buy: N457/$1
  • Sell: N462/$1

October 29, 2020

  • Buy: N458/$1
  • Sell: N465/$1

October 28, 2020

  • Buy: N458/$1
  • Sell: N463/$1

October 27, 2020

  • Buy: N458/$1
  • Sell: N463/$1

October 26, 2020

  • Buy: N457/$1
  • Sell: N463/$1

October 23, 2020

  • Buy: N457/$1
  • Sell: N463/$1

October 17, 2020

  • Buy: N457/$1
  • Sell: N462/$1

October 16, 2020

  • Buy: N457/$1
  • Sell: N462/$1

October 15, 2020

  • Buy: N455/$1
  • Sell: N462/$1

October 14, 2020

  • Buy: N455/$1
  • Sell: N462/$1

October 13, 2020

  • Buy: N455/$1
  • Sell: N460/$1

October 12, 2020

  • Buy: N452/$1
  • Sell: N457/$1

October 9, 2020

  • Buy: N452/$1
  • Sell: N457/$1

October 8, 2020

  • Buy: N452/$1
  • Sell: N457/$1

October 7, 2020

  • Buy: N453/$1
  • Sell: N458/$1

October 6, 2020

  • Buy: N453/$1
  • Sell: N458/$1

October 5, 2020

  • Buy: N450/$1
  • Sell: N458/$1

October 2, 2020

  • Buy: N460/$1
  • Sell: N465/$1

October 1, 2020

  • Buy: N460/$1
  • Sell: N465/$1

September 30, 2020

  • Buy: N462/$1
  • Sell: N468/$1

September 29, 2020

  • Buy: N460/$1
  • Sell: N467/$1

September 28, 2020

  • Buy: N460/$1
  • Sell: N467/$1

September 25, 2020

  • Buy: N460/$1
  • Sell: N467/$1

September 24, 2020

  • Buy: N460/$1
  • Sell: N465/$1

September 23, 2020

  • Buy: N458/$1
  • Sell: N465/$1

September 22, 2020

  • Buy: N458/$1
  • Sell: N465/$1

September 21, 2020

  • Buy: N457/$1
  • Sell: N465/$1

September 18, 2020

  • Buy: N455
  • Sell: N462

September 17, 2020

  • Buy: N455
  • Sell: N465

September 16, 2020

  • Buy: N455
  • Sell: N465

September 15, 2020

  • Buy: N460
  • Sell: N460

September 14, 2020

  • Buy: 445
  • Sell: N460

September 11:

  • Buy: N440
  • Sell: N460

September 10:

  • Buy: N440
  • Sell: N455

September 9:

  • Buy: N433
  • Sell: N445

September 8:

  • Buy: N430/$1
  • Sell: N445/$1 closed at N443

September 7:

  • Buy: N430
  • Sell: N440 (closed at N445)

September 5:

  • Buy: N430/$1
  • Sell: N440/$1

September 4, 2020:

  • Buy: N430
  • Sell: N440

September 3, 2020:

  • Buy: N420
  • Sell: N440

September 2, 2020:

  • Buy: N425
  • Sell: N440

September 1, 2020:

  • Buy: N462
  • Sell: N465

August 31, 2020:

  • Buy: N463
  • Sell: N470

 

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