DOLLAR TO NAIRA EXCHANGE RATE TODAY IN NIGERIA
If you are Nigerian, and you have been a Nigerian for at least the past 12 months, you should not be oblivious to how inconsistent the Naira has been against other currencies – particularly the Dollar. The native currency of Nigeria, the Naira, has been on a rather disappointing free fall.
Anyone who has been following the forex market and trends keenly would agree that the frequent snowballing and decline of the Naira tells that the once valued currency wouldn’t taste stability anytime soon.
And since we aren’t in an Economics or a Business class, we would be skipping the reasons as to why the currency is in the phase it presently finds itself.
Moving on, we will be providing, through this article, the Black market Dollar to Naira exchange rate today. For repetition sake, the Dollar (the most recognised and widely used currency in the world) has far subdued the Naira and has left the latter currency (Naira) in a rather wide ratio gap. The gap, trust me, is as wide as the geographical distance between the two countries… sarcastically speaking, though 😎.
Although the official Dollar to Naira exchange rate has been pegged by the Central Bank of Nigeria (CBN) at $1 to N305, the sad part remains not everyone can get the Dollar at that rate. Hence leaving the Black market as a last resort for some (if not most) people.
The figures below shows the Black market Dollar to Naira exchange rate today (MAY 2017).
- N375 – to buy $1
- N380 – to sell $1
What this simply means is that Black-market operators would buy your Dollar (if you have any to sell) at the rate of N375 per Dollar.
On the other hand, if you have some needs that require the Dollar, Black-market operators will fulfil your need as long as you pay them N380 per naira you for each Dollar you need.
DOLLAR TO NAIRA EXCHANGE RATE HISTORY FROM 1999
|Date||Naira Per Dollar|
|2002||N99 – N106|
|2003||N109 – N113|
|2004||N114 – N127|
|2005||N127 – N130|
To conclude, the current rate is far batter than what it used to be some weeks back. Let’s keep our heads high, and fingers crossed and hope for a more reasonable rate.
Stay glued to this platform(TechLector.com) as we would constantly be updating you daily with news concerning the currency, its rate and other information.
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