Dollar to Naira exchange rate at the black market today, 3 January is ₦560/$1 buying rate and N565/$1 selling rate according to bureau de change operators in Lagos and Abuja. The ₦560/$1 rate has remained fairly consistent since before Christmas and has maintained the same price on the first working day of 2022.

Last week, the Central Bank of Nigeria CBN took a step towards devaluing the naira when it adopted the official Investors and Exporters (I&E) window rate – the naira jumped from N411.73/$1 which it has been for months to N427/$1 both on Thursday and Friday last week.

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.

Why do people buy currency at the black market?

People buy currency at the black market because getting currency at the official rate from commercial banks is extremely difficult. The banks also have a limit of $5000 as personal allowance for travellers and $10000 as business travel allowance. Untop of that plenty of paperwork is required and most times some banks simply claim they don’t have foreign currency.

That is if you’re buying, if you’re selling the banks buy your Dollar at #427/1$ while the black market buy same at #569/1$. Selling dollar at the black market for those who earn in Dollars such as bloggers, YouTubers and other freelancers makes more sense as they get a high price.

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

The official rate today, Sunday November 28, for $1 dollar to naira = ₦410.79/$1.

According to the data at the FMDQ Security Exchange where Forex is traded officially, exchange rate between the naira and the US dollar opened at ₦410.79/$1 on Tuesday 25, after it closed at ₦415.07 to a $1 on Monday, 22 November 2021. 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 Bureu 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 FX. 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.

How much is exchange rate of Dollar to Naira in Black Market today?

According to most Bureau De Change (BDC) sources in Lagos and other parts of Nigeria, the exchange rate for a dollar to naira at Parallel Market (Black Market) for today, Friday, November 26 sells at N565/1$. The Black market is also referred to as the illegal market as the CBN does not recognize nor regulate their operations.

If you are selling dollar as a blogger or a freelancer who earns in foreign currency, it makes sense for you to sell at the black market as you would get a higher price. You sell at N565/1$ as at against N410/1$ you will get at the official market from your bank.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar opened at ₦413.79/$1 on 26 November 2021 after closing at ₦415.07/$1. Showing a change of 0.06.

According to data from FMDQ, forex turnover stands at $149.53 million.

Meanwhile, the Central Bank of Nigeria (CBN) has revealed that those who violate its Bank Verification Number (BVN) policy will be barred from accessing credit and also from opening new accounts.

The CBN made the announcement in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry.

Mr. Musa Jimoh, Director, Payment System Management Department of the CBN signed the framework which was consequently released in its Update Report Circular.

The CBN also maintained that the new framework has been designed with the effectiveness of customer due diligence and Know Your Customer in mind.

The general public was informed that breaches on the part of customers could see the individual getting barred from entering a new relationship with any bank.

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