Naira Rises Slightly at Official Market, Remains Stable at Black Market

The Nigerian Naira gained some ground against the US dollar on Saturday at the official Investors’ and Exporters’ (I&E) window, where it traded at N464.50 to the dollar. This was a slight improvement from N464.51 to the dollar on June 2.

The I&E window is the official market for foreign exchange transactions in Nigeria. The exchange rate at this window is determined by market forces of demand and supply.

The Naira also maintained its stability at the Lagos Parallel Market (Black Market), where it sold for N740 to buy and N750 to sell on Saturday. The black market is an unofficial market where forex is traded at higher rates than the official market.

The Central Bank of Nigeria (CBN) does not recognize the black market and has directed individuals who want to engage in forex to approach their respective banks.

The CBN has also debunked a media report that it has devalued the naira to N631 per dollar at the I&E window. The apex bank said the report was fake and speculative and aimed at causing panic in the market.

The CBN said the exchange rate at the I&E window was N465 per dollar on June 1, 2023 and has been stable around that rate for a while.

The CBN urged the public to ignore the news report in its entirety and advised media practitioners to verify their facts from the CBN before publishing.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)   Black Market Exchange Rate Today

Buying Rate                                N740

Selling Rate                                 N750

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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