Naira To Dollar CBN Rate Today 24th July 2023
See the black market Dollar to Naira exchange rate for 28th May, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1510 and sell at N1515 on Tuesday 28th May 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1510 |
| Selling Rate | N1515 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1381 |
| Selling Rate | N1382 |
The Nigerian Naira appreciated significantly against the US dollar on Monday, closing at 1,339.33/$ in the official foreign exchange market.
This marked a substantial 9.68 percent increase from Friday’s rate of 1,482.81/$, according to data from the FMDQ, which oversees the Nigerian Autonomous Foreign Exchange Market.
Despite the Naira’s gain in the official market, it faced a slight depreciation in the parallel (black) market, where it traded at ₦1,520 to the dollar, down 1.32 percent from ₦1,500 on Friday.
This divergence in performance highlights ongoing volatility in the forex markets, which the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, recently attributed to seasonal fluctuations.
During a press briefing in Abuja last Tuesday following the Monetary Policy Committee meeting, Governor Cardoso noted the recent market volatility, stating it reflected the “seasonal demand and a freely functioning market system of demand and supply.”
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