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Dollar To Naira Black Market Exchange Rate Today December 6

Dollar to Naira exchange rate at the black market today, 6 December is ₦570/$1 – representing a 0.53% drop from the N567/$1 it traded at in the last session. The naira seems to have completely lost its steam from when it traded against the dollar at as low as ₦530/$1 a weeks days ago.

The country’s foreign reserves also suffered a decline of 0.09% on Thursday, 2nd December to close at $41.12 billion compared to $41.15 billion recorded as of the previous day. The recent decline in the nation’s external reserve is attributed to the intervention by the apex bank in the official Forex market, according to Nairametrics. 

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Monday December 6, for $1 dollar to naira N414.73/$1 at the official Investors and Exporters (I&E) window.

Follow the CBN live stream to see how the Naira is performing in real time.

What does the official rate mean?

The official rate is the exchange rate approved by the CBN – the Central Bank of Nigeria is the sole regulator of Naira and determines the exchange rate. About 4 months ago, the CBN banned the activities of Bureau DE Change operators and ordered banks to take over the buying and selling of foreign currencies in the country. The CBN is selling FX directly to the banks so they can in turn sell to end users in an attempt to control the price of Forex. The price at which the CBN is selling is called the official rate.

To get the official rate, which is much lower than the parallel market rate, you have to go through the licensed commercial banks in the country. It makes sense to buy at the official rate, but if you are selling you might want to consider the parallel market.

If you want to sell dollar today, see the difference between the official rate and black market here.

Ismaeel

Statistician with interests in finance, risk management, loan products and market surveys. I also write on crypto currencies, Forex and a variety of financial instruments.

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