Daily update of how much is current black market, bank and CBN exchange rate dollar to naira September 2018. Check the details below.
Black Market Rate.
- Buying = N358.
- Selling = N361.
CBN/Official Exchange Rate of Dollar to Naira Today.
- Buying = N305.2.
- Selling = N306.2.
- Buying = N305 – 320 Naira.
- Selling = N360 – N375. This varies with banks.
Western Union Exchange Rate Today ($ – Naira).
- Sending = N373.
- Receiving = N353.23.
Money Gram Rate Right Now.
- Sending = N375.
- Receiving = N353.33.
What is the current exchange rate? Numerous Nigerians have been asking this question for years following the weakening of the Naira. The drop in value of Nigerian currency was visible to my fellow country men around late 2015.
Table of Contents
- 1 Black Market Rate.
- 2 CBN/Official Exchange Rate of Dollar to Naira Today.
- 3 Bank Rate.
- 4 Western Union Exchange Rate Today ($ – Naira).
- 5 Money Gram Rate Right Now.
- 6 How Much is Dollar to Naira Today (Convert USD to Naira).
- 7 USD
- 8 NGN
- 9 Confusing Terms (FAQs) About USD to Naira Exchange Rate Explained.
- 10 How Depreciating Value of Naira Against Dollar is Affecting Nigerians (Home & Abroad).
- 11 Factors Influencing The Exchange Rate.
This visibility was as a result of hike in price of goods and services like food stuffs, fuel and some other daily needs.
Also Read: Gtbank Exchange Rate Today.
It became compulsory for importers, exporters, online shoppers, freelancers, stock and Forex traders to be able to convert from usd to naira using the current dollar rate to naira.
How Much is Dollar to Naira Today (Convert USD to Naira).
Convert naira to dollar (ngn) using the current rate. Convert 100 (usd), 500 dollars, 1000, 1 Dollar (US) to naira today easily.
Currently, 1 USD = 357 Naira. Therefore to convert 5 dollars to naira, you do;
- 5 dollars = 357 x 5 = 1785 Naira.
|1.||1 Dollar||358 Naira|
|2.||$10 Dollar||3580 Naira|
|3.||20 Dollar||7160 Naira|
|5.||$100 Dollar||35,800 Naira|
|7.||300 Dollar||107,400 Naira|
|9.||1000 Dollar||358,000 Naira|
|12.||10000 Dollar||3,580,000 Naira|
Confusing Terms (FAQs) About USD to Naira Exchange Rate Explained.
Price of usd to naira changes with different financial institutions and platform. Therefore there are some terms concerning exchange rate that i need to familiarize you with.
i.) Exchange Rate Dollar 2 Naira.
This is the equivalent amount of 1 dollar in Naira. As at the time of writing this article, 1 dollar = 358 Naira.
The same thing go for terms like 1 usd to ngn today, convert usd to naira.
But when it goes like exchange rate of naira to dollar, then it is the other way round. They expect you to convert 1 Naira to dollar. Which is 1/358 = 0.002793 dollar.
But here in Nigeria, nobody cares about the construction of the statement. Naira to dollar and $ to naira means the same thing.
ii.) Black Market Exchange Rate.
This can be use interchangeably with aboki fx rate. It is the exchange rate of 1 usd to naira on the street.
Black market agents are mostly Abokis. So the rate they buy and sell dollar in exchange for naira is called black market rate.
iii.) CBN Rate.
CBN is an acronym for Central Bank of Nigeria. CBN rate is the amount in Naira they are buying or selling 1 dollar. Parallel market rate can be used in its place.
iv.) Bank Rate.
Sometimes refer to as Nigerian bank exchange rate. It is how much Nigerian banks will charge your naira master or visa card when you use it to purchase something on foreign sites that operates in dollar.
This rate varies with different banks in Nigeria but usually higher than cbn rate and lower than black market rate. Though it can be the same or even higher for some banks.
v.) Buying & Selling Rate.
I keep saying buying and selling right?
Well buying or buy rate is the amount in Naira cbn, abokis, western union, moneygram or banks will give you for 1 dollar.
Selling or sell rate on the other hand is how much in naira banks, cbn, western union, moneygram or aboki will collect/charge you for a dollar. This rate is always higher than the buy rate.
It is vital you know and understand all these terms while converting Dollar (US) to naira on different financial platforms.
Looking back at the dollar naira exchange rate history, it shows the NGN has not been doing great. The rate was 1 $ = N 1 in 1988, 1 $ = N21.89 in 1999, today (2018) the rate is 1$ = 358 Naira.
How does that happen and affect Nigerians? Continue reading.
How Depreciating Value of Naira Against Dollar is Affecting Nigerians (Home & Abroad).
In my own personal opinion, Nigeria’s current economic problem arises as a result of having only one major exportable product, which is petroleum. Our economy is affected every time oil price falls per barrel in the world market.
If we can diversify and develop our Agricultural sector, IT industries and Chemical industries to a major sector managed by the Federal Government and competent private companies.
There is high probability inflation will reduce and exchange rate will be more favorable for an average Nigerian. Let’s take a look at some of those effects.
Read Also: Euro to Naira.
Fall in the value of Naira is an unfavorable circumstance for the importers. Since what used to cost them N100,000 to import into the country now cost N200,000 naira.
These will leads to increase in selling price which might makes people refuse to buy and in turn hurts their sales.
If they continue like this, their business might collapse on the long run. This is one of the cons of the current dollar exchange rate to the naira.
A perfect example of how the depreciating naira is affecting Nigerians is the payment for Hajj in 2016 and 2017. Hope it won’t happen again in 2018.
Some Muslim brothers and sisters are finding it difficult to complete the final stage of Pillars of Islam because of unfavorable exchange rate in various Nigerian banks.
Since it wasn’t quickly mitigated, it also affected the Jerusalem Pilgrims and citizens that intend traveling for Christmas and New year’s vacation at the end of the year.
3.) School Fees Payment.
Another bad effect of the current weakening of Nigerian currency is the increment in the expenses of Nigerian parents with kids abroad. They have to change lot of Naira to few Dollars to carter for the needs of their wards outside the country.
Other effects of a rising dollar and falling naira is on Nigerian stock markets, SMEs collapsing on the long run etc.
Factors Influencing The Exchange Rate.
As you must of have guessed, exchange rate don’t just keep going up and down, there must be somethings behind the fluctuations. Below are the major factors.
1.) Political Instability.
Nigeria’s current political instability caused by crisis among political parties, Terrorism in the Northern part of the country, extremely low daily power supply etc are driving away foreign investors.
Investors from foreign countries look for stable countries with strong economic performance to invest their capital.
If foreign investors can settle in Nigeria, they will have to trade in our local currencies which means they will have to buy Naira with their Dollar which will in turn increases the value of Naira.
2.) Importation and Exportation.
As i said earlier in this article, Petroleum takes more than 3/4 of our exporting products, leaving just about 20% for agricultural products, chemicals etc.
On the other hand, Nigeria imports about anything possible to the country which increases the demand for dollar and then depreciation of Naira. Higher importation and lower exportation is not good for any economy, Nigeria included.
Nigeria as a country need to produce more exportable products and reduce the percentage of importation.
3.) Free Fall of Oil Price.
Since Nigeria depends solely on the revenue generated from oil exportation, our economy is affected anytime there is fall in oil price in the world market.
This alone shapes Nigerian exchange rate. Naira Dollar exchange rate today is highly affected by fluctuating price of oil in the world market.
Other USD ($) to NGN (N) exchange rate influencing factors are Government policy, Nigerians obsession with foreign products, Inflation, Public debt and Current-Account deficits.
That’s all folks on how much is dollar to naira cbn and black market today.