Today’s Dollar to Naira Exchange Rate: Here’s the Latest Update
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, July 31, 2024, is ₦1,688.32 per dollar for buying, and ₦1,688.32 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, July 31 2024, is ₦1,580.00 per dollar for buying, and ₦1,595.00 per dollar for selling.
How Much Is Dollar To Naira Black Market Rate Today (August 3rd 2024)?
Dollar to Naira Black Market/Aboki Rate Today
- Buying: ₦1,580.00
- Selling: ₦1,595.00
Leave a Reply