Today’s currency exchange rates in Nigeria present a nuanced picture, revealing insights into Black Market and Central Bank of Nigeria (CBN) rates as of December 20th, 2023.
Best News Network has obtained the latest data, shedding light on the exchange rates for major currencies, including the highly sought-after US Dollar (USD), British Pounds (GBP), Euro (EUR), Canadian Dollar (CAD), and more.
Black Market Rates
Dollar To Naira (USD to NGN)
Today’s Dollar to Naira black market rate pertains to the rate at which Aboki/Bureau De Change (BDC) is both selling and buying the European currency (Euro). This information is applicable in Abuja, Kano, and Lagos. It’s important to note that slight variations might exist in different parallel (unofficial) markets.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,210 |
| Selling Rate | ₦1,200 |
Pounds To Naira (GBP to NGN)
The current Pounds to Naira black market rate signifies the rate at which Aboki/Bureau De Change (BDC) is involved in both selling and buying transactions for the Great British Pounds currency (Pounds). This rate is applicable in Abuja, Kano, and Lagos, with the acknowledgment that there might be slight variations in different parallel (unofficial) markets.
| Pounds to Naira (GBP to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,530 |
| Selling Rate: | ₦1,500 |
Euro To Naira (EUR to NGN)
The present Euro to Naira black market rate delineates the rate at which Aboki/Bureau De Change (BDC) is presently engaged in both selling and buying transactions for the European currency (Euro). This rate is applicable in Abuja, Kano, and Lagos, with a note that slight variations may exist in different parallel (unofficial) markets.
| Euro to Naira (EUR to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,280 |
| Selling Rate | ₦1,270 |
CAD To Naira (CAD to NGN)
The current CAD to Naira black market rate signifies the rate at which Aboki/Bureau De Change (BDC) is presently involved in both selling and buying transactions for the Canadian Dollar currency (CAD). This rate is applicable in Abuja, Kano, and Lagos, with an acknowledgment that slight variations might exist in different parallel (unofficial) markets.
| CAD to Naira (CAD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | ₦900 |
| Selling Rate | ₦870 |
Rand to Naira (ZAR to NGN)
The current Rand to Naira black market rate indicates the rate at which Aboki/Bureau De Change (BDC) is presently engaged in both selling and buying transactions for the South African Rand. This rate is applicable in Abuja, Kano, and Lagos, with a recognition that slight variations may exist in different parallel (unofficial) markets.
| Rand to Naira (ZAR to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | ₦52 |
| Selling Rate | ₦43 |
Ghanaian Cedi To Naira (GHS to NGN)
The current Ghanaian Cedis to Naira black market rate signifies the rate at which Aboki/Bureau De Change (BDC) is presently involved in both selling and buying transactions for the Ghanaian Cedis. This rate is applicable in Abuja, Kano, and Lagos, with an acknowledgment that slight variations might exist in different parallel (unofficial) markets.
Ghanaian Cedis exchange at ₦70 for buying and ₦50 for selling on the Black Market.
| Ghana Cedi to Naira (G.Cedi to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | ₦70 |
| Selling Rate | ₦50 |
CBN Official Naira Exchange Rates
The official exchange rate between the Naira and the US dollar, as per the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official, is 1 USD = ₦862 as of December 20th, 2023.
- 1 USD = 862 NGN
Factors Influencing Foreign Exchange Rates
Several factors contribute to the dynamics observed in the Black Market and CBN rates:
Inflation Rates
“Inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit,” notes an economic analyst.
Interest Rates
“Rising interest rates would harm the economy, causing it to contract and, as a result, the value of the naira to fall,” explains a financial expert.
Government Debt
“National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira,” states a fiscal policy analyst.
Speculators
“Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower,” observes a market strategist.
Conditions of Trade
“Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit,” comments an international trade specialist.
