Naira To Dollar CBN Rate Today 24th July 2023
See the black market Dollar to Naira exchange rate for 29th 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 N1470 and sell at N1490 on Wednesday 29th 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 | N1470 |
| Selling Rate | N1490 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1329 |
| Selling Rate | N1330 |
According to recent data from financial markets, the Nigerian Naira appreciated significantly yesterday in both the parallel market and the Nigerian Autonomous Foreign Exchange Market (NAFEM).
In the parallel market, the Naira strengthened to ₦1,500 per US dollar, up from N1,525 on Monday.
This improvement in value reflects a significant recovery, easing some of the pressures faced by forex traders and businesses reliant on dollar transactions.
Simultaneously, in the NAFEM, often referred to as the official market, the Naira saw a robust appreciation.
Data from the FMDQ showed the indicative exchange rate for NAFEM dropped to ₦1,339.33 per dollar from a previous rate of ₦1,481.23, marking an appreciation of ₦141.9.
This substantial gain underscores a positive shift in forex supply dynamics and investor confidence in the Nigerian economy.
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