Last updated on November 14th, 2021 at 03:44 pm
The parallel market exchange rate of the US dollar to Naira was N540/N530 (buy/sell) at the time of this report on Friday, November 12, 2021.
The market is still trying to adjust to the policy of the Central Bank of Nigeria on fx sales to BDC operators in Nigeria which took place on Tuesday, July 27, 2021.
In one of our articles, we analysed how the decision of the apex bank will affect key sectors of the economy and what it should do to return sanity in the forex market instead of dollarisation of Nigeria’s economy, find it at: https://infomediang.com/implications-cbn-stops-forex-sales-to-bdc-operators
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.
Latest US Dollar to Naira Parallel Market Rate in Nigeria
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
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
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
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
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 purchases 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?”
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.
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.
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).
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.
