As of today, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) stands at 740₦ for buying and 736₦ for selling. This information was gathered from currency dealers at the Abuja Zone 4 market in Nigeria. It is important to note that the current exchange rate is slightly lower than the previous day’s rate of 741₦, indicating a slight depreciation of the Naira against the Dollar.
In addition to the Dollar to Naira exchange rate, other currency pairs were also observed in the market. The Euro/Naira pair was the second most traded currency, with a buying rate of 802₦ and a selling rate of 789₦. This implies that the Euro is slightly more valuable than the USD in the current market.
Furthermore, the Pound Sterling (GBP) to Naira exchange rate was also monitored, with a buying rate of 919₦ and a selling rate of 909₦. This shows that the Pound Sterling is currently more valuable than both the USD and the Euro in the market.
It is worth noting that the above exchange rates are based on the black market rates, which are unofficial and often differ from the official rates. The official exchange rates are usually determined by the Central Bank of Nigeria (CBN) and are influenced by various factors such as supply and demand, inflation, and government policies.
The black market exchange rates for different currencies in Nigeria, as of April 24, 2023, are shown in the table below. These rates are the buying and selling rates at which Aboki/Bureau De Change (BDC) are currently exchanging currencies in Abuja, Kano, Lagos, and other parallel (unofficial) markets. It is important to note that there may be slight variations in the rates in different locations.
The USD to NGN exchange rate in the black market today is ₦740 for selling and ₦736 for buying, which is a 0.02% increase compared to the rate of ₦738 at the close of the market last Friday, April 21, 2023. In the beginning of April 2023, USD was trading at ₦, making it a fluctuating currency in the FX market.
The British Pound is currently being bought and sold at a rate of ₦919 and ₦909, respectively, while the Euro is being bought and sold at a rate of ₦802 and ₦789, respectively. The Canadian Dollar is being bought at a rate of ₦560 and sold at a rate of ₦540.
Other currencies such as the Rand, Dirham, Yuan, and G.Cedi are also being exchanged in the black market with varying rates. The CFA Franc (XOF) is being bought at ₦0.83 and sold at ₦0.81, while the CFA Franc (XAF) is being bought and sold at ₦0.74.
It is important to note that the Central Bank of Nigeria (CBN) also has official exchange rates for different currencies, which may be different from the black market rates. As of April 24, 2023, the CBN official exchange rate for the Pound to Naira is ₦441 for both buying and selling.
Knowing the black market exchange rates for different currencies can help individuals and businesses make informed decisions when it comes to exchanging currencies. However, it is important to also consider the official exchange rates and any other factors that may affect currency exchange.
| Currency | Buying Rate | Selling Rate |
|---|---|---|
| Dollar to Naira (USD) | 736 | 740 |
| Pounds to Naira (GBP) | 909 | 919 |
| Euro to Naira (EUR) | 789 | 802 |
| Canadian Dollar (CAD) | 540 | 560 |
| Rand (ZAR) | 43 | 52 |
| Dirham (AED) | 0 | 0 |
| Yuan (CNY) | 62 | 62 |
| G.Cedi (GHS) | 50 | 70 |
| CFA F. (XOF) to Naira | 0.81 | 0.83 |
| CFA F. (XAF) to Naira | 0.74 | 0.74 |
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