At the close of trading Tuesday, May 3, 2022, there were different exchange rates at the forex market here in Nigeria even as the country continues to battle the high rising of cost of goods and services.
The United States Dollar maintained its dominance over the Nigerian currency both at the official market and at the parallel market popularly called the black market exchange rate. Here is how it went.
USD/NGN CBN Exchange Rate
At the close of business on Tuesday, the CBN exchange rate of US dollar against the naira was NGN415 to $1.
Though a lot of people are sceptical about the CBN official rate as most businessmen and women, foreign students and others who really need forex to meet legitimate obligations find it difficult to access the official rate. Most of them resort to black market rates to meet their forex needs.
Commercial Bank Rate
Usually, commercial banks buy forex from the CBN since Bureau De Change operators were kicked out of the value chain.
Even at that, the exchange rate at some Nigerian banks is similar to the operation of the BDCs on the streets.
At the time of publication, the exchange rate of banks varies. For instance, the Access bank exchange rate is different from GT Bank’s exchange rate.
For GTB exchange rate, it’s NGN505 to $1 at Access bank while USD/NGN was NGN503 at UBA Tuesday, May 3, 2022. See bank exchange rate here.
Black market exchange Rate
The USD/NGN black market rate on Tuesday, May 3, 2022 varies. It largely depends on location and the negotiating ability of the buyers and sellers.
At Allen, Ikeja, Lagos State, NGN580 (buy) and NGN590 (sell). In Ibadan and other places, it’s NGN570/NGN580.
P2P Exchange Rate
We’re also keeping our tap on the exchange rate at the peer-to-peer market, especially for Nigerians who buy crypto on the popular Binance P2P. The P2P exchange rate was between NGN588 to NGN590.
