Dollar To Naira Exchange Rate: Here’s The Latest Update Today

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, February 20, 2024, is ₦1605.32 per dollar for buying, and ₦1606.32 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.

The parallel market exchange rate as of today, February 20, 2024, is ₦1,790.00 per dollar for buying, and ₦1,818.00 per dollar for selling.

Why is there a difference between the official and parallel market exchange rates?

The difference between the official and parallel market exchange rates is caused by several factors, such as:

• The CBN’s foreign exchange policies, which limit the access and availability of dollars to certain sectors and transactions, creating a scarcity of dollars in the market.
• The high inflation rate in Nigeria, which erodes the purchasing power of the naira and makes imports more expensive, increasing the demand for dollars to pay for goods and services from abroad.
• The low oil prices, which reduce Nigeria’s foreign exchange earnings and reserves, limiting the CBN’s ability to intervene in the market and defend the naira.
• The speculation and hoarding of dollars by some individuals and businesses, who anticipate further depreciation of the naira and seek to profit from the exchange rate difference.

How can I get the best exchange rate for the dollar to naira?

The best exchange rate for the dollar to naira depends on your needs and preferences. If you are looking for the official exchange rate, you will need to have a valid bank account and a valid reason for buying or selling dollars, such as travel, education, medical, or business purposes. You will also need to provide the necessary documentation and comply with the CBN’s guidelines and regulations.