Official dollar to naira exchange rate today which includes the cbn rate, bank rate, parallel market and the black market rate in 2020.
Through money exchange rate, one can attain how powerful or strong a country’s currency is, and on this post is all about the naira to dollar(us) exchange rate through the various financial services we have in Nigeria.
What is an exchange rate
An exchange rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country’s currency in relation to another currency.
Exchange rates are determined in the foreign exchange market, which is open to a wide range of different types of buyers and sellers, and where currency trading is continuous.
Official Dollar to Naira exchange rate today
First we have to start with official cbn dollar to naira exchange rate today and proceed to the next which is the bank rate and othere follows as well.
CBN dollar to naira exchange rate
N305/306 to $1
Cbn rate is usually low compared to others, and the likes of online and offline money transfer like moneygram, western union, ria etc uses the cbn rate for their money exchange.
For example that you have someone in the US, who wants to send money to you and through moneygram or western union, the rate which they use is N305 to $1 which is the official cbn rate for naira to dollar exchange rate
Exchange rate dollar to naira bank rate
N358 to $1(buy)
N361 to $1 (sell)
Even though the cbn rate is N305 per $1, it completely differs from the bank rate at the moment. This started last year November, when banks increased their dollar to naira exchange rate from N315 per $1 to N359 per $1.
This was so because of the huge increase of people opting to use the black market for their money exchange. And with the new naira to dollar bank rate, there’s no difference between them and the black market(abokifx).
But please note that each bank has it’s own rate, for example gtbank is N359 per $1, while first bank is N358 per $1. And the best bank rate is the access bank which trades N360 per $1.
With this rate, the rate at which people go to the abokifx for exchange reduced drastically and also the number of people opening a domicilary account in 2020.
Dollar to naira exchange rate today black market
N358 per $1 (buy)
N361 per $1 (sell)
The most popular and ccommon method used in Nigeria for present dollar exchange to naira.
Black market exchange rate is an exchange rate for a currency that differs from the official exchange rate set by a government. The black market exchange rate occurs when the official rate bears little or no relationship to the currency’s actual value.
Hard core example of the black market exchange is the road side abokifx, where we do exchange foreign currency to our Nigeria naira. Their exchange rate is usually high compared to the official rate in the country, this is so as to attract customers to their business.
Well thanks to the new bank rate which matched the black market dollar to naira, thereby reducing the number of people going there for exchange. But truly these people have really helped us in this country, and they are still doing it especially if you want to change your naira currency to dollar.
Currency Conversion On Nigerian Naira Parallel Market Selling Rate
$ 1 = 361
$ 10 = 3610
$ 50 = 18050
$ 100 = 36100
$ 200 = 72200
$ 300 = 108300
$ 500 = 180500
$ 1000 = 361000
$ 10000 = 3610000
Dollar to naira over the years
Over the years, dollar to naira was really better especially in the 1980s and during the time when Charles soludo was the cbn governor. Back in the good old days when one naira equals one dollar(N1 per $1) or even higher than the US dollar.
But look at our naira right now, N358 to N361 per one us dollar. How did we get here, thanks to BABAGINDA that devalued the naira so as to borrow money from imf in 1986. Though by the time IBB left office in 1993, the naira was exchanging for 17 naira to $1. It was during this time that bureaux de change were introduced into the economy.
Thanks to inflation and bad government, the naira worsen especially in 2016 when it falls to N500 to $1. Below are dollar to naira over the years dating back to 1972.
1972 $1 = N0.658
1973 $1 = N0.658
1974 $1 = N0.63
1975 $1 = N0.616
1976 $1 = N0.62
1977 $1 = N0.647
1978 $1 = N0.606
1979 $1 = N0.596
1980 $1 = N0.550 (0.900 Black Market Rate)
1981 $1 = N0.61
1982 $1 = N0.673
1983 $1 = N0.724
1984 $1 = N0.765
1985 $1 = N0.894 (N1.70 Black Market Rate)
1986 $1 = N2.02 (N3.90 Black Market Rate)
1987 $1 = N4.02 (N5.90 Black Market Rate)
1988 $1 = N4.54 (N6.70 Black Market Rate)
1989 $1 = N7.39 (N10.70 Black Market Rate)
1990 $1 = N7.39 (N10.70 Black Market Rate)
1991 $1 = N8.04 (N9.30 Black Market Rate)
1992 $1 = N9.91
1993 $1 = N17.30 (N21.90 Black Market Rate)
1994 $1 = N22.33 (N56.80 Black Market Rate)
1995 $1 = N21.89 (N71.70 Black Market Rate)
1996 $1 = N21.89 (N84.58 Black Market Rate)
1997 $1 = N21.89 (N84.58 Black Market Rate)
1998 $1 = N21.89 (N84.70 Black Market Rate)
1999 $1 = N21.89 (N88-N90 Black Market Rate)
2000 $1 = N85.98 (N105.00 Black Market Rate)
2001 $1 = N99-N106 (N104-N122 Black Market Rate)
2002 $1 = N109-N113 (N122-N140 Black Market Rate)
2003 $1 = N114-N127 (N135-N137 Black Market Rate)
2004 $1 = N127-N130 (N137-N144 Black Market Rate)
2005 $1 = N132-N136
2006 $1 = N128.50-N131.80
2007 $1 = N120-N125
2008 $1 = N115.50-N120
2009 $1 = N145-N171
2010 $1 = N148.21-N154.8
2011 $1 = N151.05-N165.1
2012 $1 = N155.09-N161.5
2013 $1 = N153.21-N162.9
2014 $1 = N170-N199
2015 $1 = N199-N300
2016 $1 = N300-N320 (N310-N370 Black Market Rate)
2017 $1 = N360
2018 $1 = 363
2019 $1 = 361
That’s all i have on the official dollar to naira exchange rate today 2020 which includes the cbn rate, bank rate, and the black market. All your questions, inquiries or suggestions are highly welcomed as i’m here to help you out.