Foreign Exchange Market Nigeria Dollar To Naira

Today’s Black Market Exchange Rate in Nigeria 2024

Last updated on April 18th, 2024 at 05:06 am

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The USD/Naira exchange rate at the unofficial market is unpredictable because a lot of factors such as inflow, economic policy, balance of trade and government FX policies among others determine the rate.

In the last seven days, the Nigerian currency has been gaining significantly against the US dollar compared to what the FX market experienced in February.

N900/USD is possible before the middle of the year if the other economic team of Tinubu supports the monetary policies of the Cardoso-led apex bank with core production and exports.

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Here is the updated buying and selling exchange rate of the three most popular foreign currencies in Nigeria:

Morning Trading Rate (April 17, 2024)

  • USD/NGN = 990/1,020
  • EUR/NGN= 1,110/1,140
  • GBP/NGN= 1,260/1,290
  • CAD/NGN= 730/762

Afternoon Trading Rate (April 17, 2024)

  • USD/NGN = 990/1,020
  • EUR/NGN= 1,110/1,140
  • GBP/NGN= 1,260/1,290
  • CAD/NGN= 730/762

Evening Trading rate (April 17, 2024)

  • USD/NGN = 990/1,020
  • EUR/NGN= 1,110/1,140
  • GBP/NGN= 1,260/1,290
  • CAD/NGN= 730/762

To make that this page reflects the prevailing rate at the unofficial FX market, this page shall be updated in the morning between 8:30 AM to 11:00 AM; in the afternoon between 12:30 to 2:30 while the evening trading sessions that be updated between 4:00 PM to 6:00 PM

What is a parallel market in FX?

A parallel market is an unofficial price at a foreign exchange market where traders buy and sell USD, GBP, EURO for the local currency. In Nigeria, for instance, there is a wide margin between the official rate and the unofficial rate. It is prevalent in a country where there is a multiple exchange rate.

The black market is usually referred to as an illegal market that is operated outside the official regulations. In the FX market, it is the responsibility of the Central Bank of Nigeria (or the apex bank of any country) to intervene regularly to prevent the naira from losing its value against its peers in the FX market.

Prices that are not supported by the Central Bank of Nigeria (CBN) characterize the operation of the parallel market of foreign exchange in a country that operates a multiple exchange rate.

The short supply of FX at the official market made the black market so popular that investors patronise it more than the official market because of its accessibility.

Disclaimer: There may be a slight difference between the rate you see on this page and the rate at the FX market.

Why do we have a black market rate in the Forex market?

If the apex bank fails to enforce its policy, the market will become a free-for-all whereby every seller and buyer operates an exchange rate that favors both parties.

What happens in an economy where the black market reigns is that the apex bank losses part of its monetary control, especially when the official rate is not accessible to investors.

Also Read:  CBN Says TransferWise, Azimo Not Registered In Nigeria, Users Fault Apex Bank

The popularity of the black market in Nigeria creates a more porous foreign exchange. It also put pressure on the naira. It makes FX users see the black market rate as their ‘savior’ in times of emergency.

For instance, getting approval to meet foreign school fees needs on the CBN’s TMS for FX takes four weeks or more. The delay pushes a lot of students and importers who need FX for their business to the black market.

TMS means Trade Monitoring System. It is a platform created by Nigeria’s apex bank for Nigerians to submit their applications for FX.

Dramatic changes in the Black market exchange rate

There has been a dramatic change in the margin between the official rate and the unofficial rate within a period of two-year.

For instance, one US Dollar is exchanged at NGN470 by the end of 2020 (December 31) at the unofficial market through the New Year (2021).

But before the end of November 2021, the USD had gained more against Nigeria’s currency as it ended the month at NGN540 to USD as can be seen in one of our daily updates.

Previous Tracking of USD/NGN Rate at the Parallel Market

Black Market Rate in 2021

November 12, 2021

  • Buy: NGN540
  • Sell: NGN530

September 30, 2021

  • Buy: N580
  • Sell: N570

September 16, 2021

  • Buy: N562 ended NGN570
  • Sell: N552 dropped to NGN560

September 15, 2021

  • Buy: N562
  • Sell: N552

September 14, 2021

  • Buy: N557
  • Sell: N550

September 13, 2021

  • Buy: N550
  • Sell: N543

September 10, 2021

  • Buy: N545
  • Sell: N538

September 9, 2021

  • Buy: N540
  • Sell: N532

September 3, 2021

  • Buy: N532
  • Sell: N527

September 3, 2021

  • Buy: N530
  • Sell: N525

August 31, 2021

  • Buy: N527
  • Sell: N520

August 30, 2021

  • Buy: N527
  • Sell: N524

August 27, 2021

  • Buy: N516
  • Sell: N521

August 26, 2021

  • Buy: N516
  • Sell: N521

August 23, 2021

  • Buy: N512
  • Sell: N520

August 17, 2021

  • Buy: N508
  • Sell: N515

August 13, 2021

  • Buy: N507
  • Sell: N515

August 12, 2021

  • Buy: N507
  • Sell: N515

August 10, 2021

  • Buy: N503
  • Sell: N510

August 06, 2021

  • Buy: N495
  • Sell: N508

August 04, 2021

  • Buy: N498
  • Sell: N506

July 30, 2021

  • Buy: N512
  • Sell: N520

July 29, 2021

  • Buy: N510
  • Sell: N525

July 27, 2021

  • Buy: N500/$1
  • Sell: N505/$1

February 02,  2021

  • Buy: N474/$1
  • Sell: N480/$1

January 25, 2021

  • Buy: N472/$1
  • Sell: N477/$1

January 22, 2021

  • Buy: N472/$1
  • Sell: N477/$1

January 21, 2021

  • Buy: N472/$1
  • Sell: N475/$1

January 20, 2021

  • Buy: N471/$1
  • Sell: N475/$1

January 19, 2021

  • Buy: N470/$1
  • Sell: N475/$1

January 18, 2021

  • Buy: N470/$1
  • Sell: N475/$1

January 15, 2021

  • Buy: N470/$1
  • Sell: N475/$1

January 14, 2021

  • Buy: N470/$1
  • Sell: N475/$1

January 13, 2021

  • Buy: N470/$1
  • Sell: N474/$1

January 12, 2021

  • Buy: N470/$1
  • Sell: N475/$1

January 11, 2021

  • Buy: N467/$1
  • Sell: N472/$1

January 08, 2021

  • Buy: N467/$1
  • Sell: N472/$1

January 07, 2021

  • Buy: N465/$1
  • Sell: N470/$1

January 06, 2021

  • Buy: N465/$1
  • Sell: N470/$1
Also Read:  US Dollar Goes For NGN575 At Black Market Rate Today October 6, 2021

January 05, 2021

  • Buy: N465/$1
  • Sell: N470/$1

January 04, 2021

  • Buy: N465/$1
  • Sell: N470/$1

January 1, 2021

  • Buy: N465/$1
  • Sell: N470/$1

USD-NGN black market rate in 2020

December 31, 2020

  • Buy: N465/$1
  • Sell: N470/$1

December 30, 2020

  • Buy: N465/$1
  • Sell: N470/$1

December 29, 2020

  • Buy: N465/$1
  • Sell: N470/$1

December 29, 2020

  • Buy: N460/$1
  • Sell: N465/$1

December 25, 2020

  • Buy: N460/$1
  • Sell: N465/$1

December 24, 2020

  • Buy: N470/$1
  • Sell: N475/$1

December 23, 2020

  • Buy: N465/$1
  • Sell: N475/$1

December 22, 2020

  • Buy: N470/$1
  • Sell: N476/$1

December 21, 2020

  • Buy: N472/$1
  • Sell: N477/$1

December 18, 2020

  • Buy: N472/$1
  • Sell: N477/$1

December 17, 2020

  • Buy: N472/$1
  • Sell: N478/$1

December 16, 2020

  • Buy: N470/$1
  • Sell: N475/$1

December 15, 2020

  • Buy: N470/$1
  • Sell: N475/$1

December 14, 2020

  • Buy: N470/$1
  • Sell: N475/$1

December 11, 2020

  • Buy: N470/$1
  • Sell: N475/$1

December 10, 2020

  • Buy: N470/$1
  • Sell: N478/$1

December 9, 2020

  • Buy: N470/$1
  • Sell: N483/$1

December 8, 2020

  • Buy: N470/$1
  • Sell: N483/$1

December 7, 2020

  • Buy: N465/$1
  • Sell: N480/$1

December 4, 2020

  • Buy: N465/$1
  • Sell: N475/$1

December 3, 2020

  • Buy: N475/$1 closed at N460
  • Sell: N485/$1 closed at N470

December 2, 2020

  • Buy: N475/$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

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
Also Read:  The Most Popular Currency Pairs To Trade In India

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

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.

Conclusion:

The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). It is one of the monetary policies of the apex bank.

The unofficial foreign exchange traders and the market rate is unregulated, it is considered illegal and anyone who trades in this market could be arrested if the apex bank is determined to exercise its monetary power as we saw in the case of CBN vs abokifx.com in 2021.

The black market exchange rate of USD to the Naira you would get in Lagos may not be the same rate in Ibadan, Abeokuta or Kaduna.

The economic activities as they relate to traveling in and out of investors and traders plus demand play a huge role in the rate you get in your location.

Author

  • InfomediaNG

    The Infomediang Team comprises a group of researchers, data analysts, and financial experts who closely follow government policies and spending. Our passion lies in empowering people to make informed decisions about their investments by simplifying data for easy understanding. Find us @infomedia_ng on X.

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