The Central Bank of Nigeria (CBN) had disclosed that it was determined to bring down the black market exchange rate of the Naira to Dollar to the official rate of N305. The central bank has consistently intervened in the foreign exchange market since February and has sold more than $4 billion to various sectors of the economy, this has improved liquidity and helped to ease pressure on the naira. THEWILL recalls that the CBN intervened in the various segments of the foreign exchange market with the injection of 396.8 million dollars while the naira continued to maintain its stability in the market, exchanging at an average of N364 to a dollar in the Bureau de Change segment of the market. He advised stakeholders to abide by the guidelines to ensure transparency in the market. NAN reports that Okorafor expressed optimism that the naira would sustain its run against the dollar and other major currencies around the world, considering the level of transparency in the market. He said the apex bank remained determined to achieve its objective of rates convergence, “hence the unrelenting injection of intervention funds into the foreign exchange market’’. Okorafor said the CBN was pleased with the state of the market, and assured that the bank would continue to intervene in order to sustain liquidity in the market and guarantee international value of the naira. Tuition fees, medical payments and Basic Travel Allowance (BTA), among others, got $45 million.
Small and Medium Enterprises (SMEs) segment received $50 million. The Nigerian naira is seen trading within a range on both the black market and official interbank window as the central bank continue to inject more dollars to boost liquidity in the foreign exchange market.ĬBN spokesman Isaac Okorafor said $100 million was offered through the wholesale segment. (Morning, noon, and evening).Dollar to Naira black market rate today Wednesday, 27th September 2017. We shall be updating this particular page three times daily. The rate you may finally get at the BDC or Aboki on the street maybe a little higher or lower than the exchange rates displayed here.
Knowing the latest exchange rates of the Dollar to Naira, Euro to Naira or even Pounds to Naira will help you to have a good bargain at the market when you go to exchange your currencies so that you don't get cheated. The rates from Binance were purely gotten from their P2P platform live feed as currency exchanges occur between Nigerians online in real-time. The rates reflect the true state of the market as we got these rates from the brokers and exchangers without any conversion fees or charges added. When we deposit and withdraw funds from these brokers, the above black market rates were offered us. As you can see from the above table, we got the rates from Forex brokers as well as crypto currency brokers.
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