Pendulum Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How Much is Dollar to Naira and the official Exchange Rate today, 18th November 2022?
Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.
The parallel exchange rate (black market rate) is always different from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.
Pendulum Nigeria reports that the data published on abokiFX.com, which is known as the “official black market rate“, showed that at the black market, the players buy a dollar for N700 and sell for N700 this morning, 18 November 2022.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Note that the USD started this week at ₦700 in Parallel Market also known as Black Market on, 18 November 2022. A change of $0.9 dollars compared to last Monday when it opened at ₦700 per dollar.
Disclaimer: Pendulum Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC.