Current Dollar to Naira Exchange Rate in Nigeria

In Nigeria, figuring out how much one currency is worth compared to another can be a bit tricky. There are different rates set by the government, and then there’s also the unofficial market where rates can change quickly. Understanding these rates is important for everyone, whether you’re just sending money to family or running a business. So, let’s take a closer look at the different rates in Nigeria and what they mean for people’s money.

 Aboki Forex: Black Market Rates

The black market, colloquially known as “Aboki Forex,” offers an alternative to the official CBN rates. Here’s a snapshot of the current black market rates for some major currencies:

1.  Dollar to Naira: Buying at ₦1440, Selling at ₦1450
2.  Pound to Naira: Buying at ₦1780, Selling at ₦1820
3.  Euro to Naira: Buying at ₦1475, Selling at ₦1525
4.  Canadian Dollar to Naira: Buying at ₦1100, Selling at ₦1200
5.  South African Rand to Naira: Buying at ₦65, Selling at ₦85
6.  UAE Dirham to Naira: Buying at ₦300, Selling at ₦350
7.  Chinese Yuan to Naira: Buying at ₦125, Selling at ₦150
8.  Ghanaian Cedi to Naira: Buying at ₦80, Selling at ₦100
9.  West African CFA Franc to Naira: Buying at ₦1900, Selling at ₦2150
10.  Central African CFA Franc to Naira: Buying at ₦1750, Selling at ₦1900
11.  Australian Dollar (Aussie) to Naira: Buying at ₦720, Selling at ₦825

 CBN Rates

On the official front, the Central Bank of Nigeria (CBN) provides regulated rates for various currencies. Here’s a glimpse of the current CBN rates:

1.  Dollar to Naira: ₦1415.10
2.  Pound to Naira: ₦1765.90
3.  Euro to Naira: ₦1521.37
4.  Swiss Franc to Naira: ₦1557.11
5.  Japanese Yen to Naira: ₦9.10
6.  West African CFA Franc to Naira: ₦2.27
7.  West African Unit of Account to Naira:₦1826.34
8.   Chinese Yuan to Naira: ₦195.77
9.  Saudi Riyal to Naira: ₦377.30

 Conclusion

While the CBN rates offer stability and regulation, the black market rates provide flexibility and accessibility, albeit with higher risks. Whether you’re a business owner, traveler, or investor, staying informed about the current exchange rates is paramount for making informed financial decisions.

Knowing how much your money is worth can help you make informed financial decisions. By keeping an eye on the rates and knowing where to look for the best deals, people can navigate the currency exchange landscape with confidence.