As for today 27th April 2023, the exchange rate between the US Dollar (USD) and the Nigerian naira (NGN) stands at N745 for buying and N740 for selling.
This information come up from the currency dealers at Abuja Zone 4 market Nigeria.
It is crucial to note that the current exchange rate is slightly lower than the previous day’s rate of N740, this means a slightly depreciation of the Naira against Dollar.
In addition to the Dollar to the Naira exchange rate, other currency pairs were also observed in the market.
The Euro and Naira pair was the second most traded currency, with a buying rate of N802 and a selling rate of N789.
This means that the Euro is slightly more valuable than the (USD) in the market.
Furthermore, the Pounds sterling (GBP) to Naira exchange rate was also monitored, with a buying rate of N919 and a selling rate of N909.
This implies that pounds sterling is more valuable more than both the Euro and USD in the market .
It is worth noting that the above exchange rates are based on the black market rates, which are unofficial and more differ from the official rates.
The official rates exchange are normally 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 of buying and selling rates at which Bureau De Change (BDC) are currently exchanging currencies in Lagos, Abuja, Kano and other parallel (unofficial) market.
It is much important to note that there are maybe slight variations in the rates in different locations.
because the USD and NGN exchange rate in the black market today is N740 for selling and N736 for buying, which is 0.02% increase compared to the rates of N738 at Friday last week April 21st, 2023.
In the starting of April, USD was trading at N. Making it a fluctuating currency in the FX market.
Though the British pound is currently being bought and sold at a rate of 919 and N902, respectively, the Euro is currently being bought and sold at a rate of N802 and N789 respectively. While the Canadian dollar is being bought and sold at a rate of N560 and sold at a rate of N540.
While, other currencies such as Yuan, Rand, Dirham, and Ghana cedi are also being exchanged in the black market with varying rates. The CFA franc (XOF) is being bought at N0.83 and sold at N0.81, while the CFA franc (XAF) is being bought and sold at N0.74.
It is very important to note that the Central Bank of Nigeria (CBN) also has official exchange rates from different currencies, which maybe different for the black market rate. As of April 24, 2023, the Central Bank of Nigeria (CBN) official exchange rate the pound to naira is N441 for both buying and selling.
Knowing too well that the black market exchange rates for different currencies can do help individual and businesses make informed decision 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.
Black Market Exchanges Rates:
|Currencies||Buying Rate||Selling Rate|
|Dollar to Naira (USD)||740||745|
|Pound to Naira (GBP)||909||919|
|Euro to Naira (EUR)||789||802|
|Canada dollar (CAD)||540||560|
|CFA Franc (XOF) to Naira||0.81||0.83|
|CFA Franc (XAF) to Naira||0.74||0.74|