The exchange rate between the US dollar and the Nigerian naira is one of the most important indicators of the economic situation in Nigeria.
The naira has been under pressure for several years due to low oil prices, high inflation, and foreign exchange shortages.
In this article, we will look at the latest update on the dollar to naira exchange rate today, and answer some frequently asked questions about it.
What is the official exchange rate of the dollar to naira today?
The official exchange rate of the dollar to naira is determined by the Central Bank of Nigeria (CBN), which intervenes in the foreign exchange market to maintain stability and liquidity. According to the CBN website, the official exchange rate as of today, June 16, 2024, is ₦1,588.32 per dollar for buying, and ₦1,588.32 per dollar for selling.
How much is 1 dollar to Naira in black market today?
The parallel market, also known as the black market, is where individuals and businesses buy and sell foreign currencies without the involvement of the CBN. The parallel market exchange rate is usually higher than the official rate, reflecting the high demand and low supply of dollars in the country.
According to powerofnaija, the parallel market exchange rate as of today, June 15, 2024, is ₦1,480.00 per dollar for buying, and ₦1,495.00 per dollar for selling.
How Much Is Dollar To Naira Black Market Rate Today (June 15, 2024)?
Dollar to Naira Black Market/Aboki Rate Today
- Buying: ₦1,480.00
- Selling: ₦1,495.00
Dollar to Naira Black Market Exchange Rate Table for Different Denominations:
| Amount in Dollar ($) | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| 1 US Dollar ($1) to Naira | ₦1,480.00 | ₦1,495.00 |
| 5 US Dollars ($5) to Naira | ₦7,400.00 | ₦7,475.00 |
| 10 US Dollars ($10) to Naira | ₦14,800.00 | ₦14,950.00 |
| 20 US Dollars ($20) to Naira | ₦29,600.00 | ₦29,900.00 |
| 50 US Dollars ($50) to Naira | ₦74,000.00 | ₦74,750.00 |
| 100 US Dollars ($100) to Naira | ₦148,000.00 | ₦149,500.00 |
| 200 US Dollars ($200) to Naira | ₦296,000.00 | ₦299,000.00 |
| 300 US Dollars ($300) to Naira | ₦444,000.00 | ₦448,500.00 |
| 400 US Dollars ($400) to Naira | ₦592,000.00 | ₦598,000.00 |
| 500 US Dollars ($500) to Naira | ₦740,000.00 | ₦747,500.00 |
| 600 US Dollars ($600) to Naira | ₦888,000.00 | ₦897,000.00 |
| 800 US Dollars ($800) to Naira | ₦1,184,000.00 | ₦1,196,000.00 |
| 1000 US Dollars ($1000) to Naira | ₦1,480,000.00 | ₦1,495,000.00 |
| 5000 US Dollars ($5000) to Naira | ₦7,400,000.00 | ₦7,475,000.00 |
| 10000 US Dollars ($10000) to Naira | ₦14,800,000.00 | ₦14,950,000.00 |
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