The exchange rate for the US dollar to the Nigerian Naira as of today, March 26th, 2023, in the black market exchange rate stands at:
Buying Rate: N745
Selling Rate: N750
Despite the Central Bank of Nigeria’s (CBN) official exchange rate, many Nigerians prefer to exchange their foreign currency on the black market due to the higher conversion rates offered. However, the CBN does not recognize the parallel market and has advised individuals interested in forex to contact their respective banks before proceeding.
The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy. As the Naira falls in value, inflation takes over the economy, which ultimately impacts the citizens. Therefore, the Central Bank has urged Nigerians to work towards a significant turnaround, such as increasing exports, to stabilize the economy.
It is essential to note that the CBN exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website. On the other hand, the dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are usually cheaper than those on the black market.
In summary, while the black market rate for dollars is often higher than the CBN rate, it is crucial to seek proper guidance from financial institutions and work towards strengthening the Nigerian economy.