The exchange rates of dollar to naira in the Black Market, Aboki Fx, Moneygram, Western Union, CBN, and the Banks are updated daily on this page.
Table of Contents
[Dollar to Naira Exchange Rate Today Daily Updates Below >>]
How Much is US Dollar to Naira Exchange Rate Today April 19th 2019?
[US Dollar to Naira Exchange Rate Today Black Market, Western Union, Aboki FX, Bank Rate, Money Gram (April) >>> ]
Here are the different exchange rates today. These rates are Bank Rate, Black Market Or Aboki FX Rate, Moneygram, Western Union, And CBN Rate.
Black Market Exchange Rate Dollar to Naira Today
Buying Rate = N358.00
Selling Rate = N360.00
Bank Exchange Rate Dollar to Naira Today
Buying Rate = N305.00 – N320.00
Selling Rate = N360.00 – N375.00
CBN Exchange Rate Dollar to Naira Today
Buying Rate = N305.75
Selling Rate = N360.00
Money Gram Dollar to Naira Exchange Rate Today
Sending Rate = N370.00
Receiving Rate = N353.23
Western Union Exchange Rate Today
Sending Rate = N365.00
Receiving Rate = N348.57
FX Terms and Values You Must Know
There are quite a few terminologies and values you must know in exchanging currencies in Nigeria and elsewhere. These terms are clarified in question/answer forms below:
What is Exchange Rate Dollar to Naira?
Exchange rate dollar to naira is the naira equivalent of $1 dollar. It is the value of $1 dollar in naira.
On the other hand, it is same thing as exchange rate USD to NGN, $ to Ng exchange rate, and so on.
Naira to Dollar on one hand is the value of N1 naira in dollars. As I write, $1 dollar is equivalent to N360.52 naira.
Dollar to Naira exchange rate is also denoted as dollar FX naira or $ fx ng. It means, if you’re to use $1 dollar in naira, how much naira would it be? That’s what the exchange rates are about.
What is Buying Rate or Buy Rate Dollar to Naira?
Buying rate is like you’re talking about the buying price for a commodity.
It is the price or amount Abokis, Banks, CBN, Western Union, Money Gram, will give you for $1 dollar. This means the Banks will give you money when they want to buy from you.
It is the price they’ll give you when they want to buy dollars from you.
This price is usually lower than the selling rate. It is known also as Buy Rate. It is also the same with other currencies (Euro, Yen, etc).
What is Selling Rate or Sell Rate Dollar to Naira?
Selling Rate of Sell Rate is the amount the banks will charge you when you wish to get the naira equivalent per $1 dollar. Consider it as a trade, the Banks buy from you at a cheaper rate, and sell at a higher rate.
The selling rate is what the Bank, Western Union, Abokis, or MoneyGram will charge you for $1 dollar. It is the same with other currencies and not just dollar alone.
What is CBN Exchange Rate Dollar to Naira?
CBN Exchange Rate is the rate the Central Bank of Nigeria (CBN) sells and buys $1 dollar.
It is simply the Buy Rate and Sell Rate of the Central Bank of Nigeria. This is the same with Euros, Yen, Pounds, etc.
What is Black Market Exchange Rate Dollar to Naira?
This is also known as the Aboki FX (Aboki Foreign Exchange) rate. It is the of dollar to naira on the street, usually from Abokis.
In Nigeria, you’ll find it that people who dominate the Black Market FX are Aboki men. You can either call it Aboki FX or Black Market, you’re on point.
What is Bank Rate or Bank Exchange Rate Dollar to Naira?
The Bank Rate is the amount different banks charge when you carry out a transaction with your Visa/MasterCard.
This amount is usually lower than Black Market amount, and it differs from one Bank to another. The Bank Rate is also different from the CBN rate, it is actually higher most times.
When you purchase an item or complete an order online and the platform or website operates with dollar, the amount they charge your Visa card or MasterCard is what is known as the Bank Rate.
Some Banks have same Bank Rate, while the amount is different with other Banks. The Bank Rate also applies to other currencies be it Yen, Pounds, Euros, etc.
Effects of Depreciating Naira to Nigerians in and Out of Nigeria
The problem with Nigeria and why their currency is being devaluated in world bank is because of the issue of consumption, and focus on petroleum.
We depend so much on oil money, so much so that every little shift in oil price affects everything.
A way this can be solved is when we learn to manufacture our own products, and maximize the products of nature, not just petroleum, but other minerals and crop produce.
I’ll tag the dollar to naira exchange rate instability to overdependence on petroleum, foreign products, and political flops.
Here are some ways the naira depreciation is affecting Nigerian’s in Nigeria and overseas:
The cost of travelling from Nigeria to some States in the United States of America is terribly high after converting the naira value to naira equivalent.
Due to this, some Nigerians find it difficult to perform religious rites, and visit their loved ones.
2. Tuition Fees Abroad
Nigerian parents with children schooling overseas, especially in the United States find it difficult to pay their children’s fees.
For example, if a parent has N1,000,000 naira in his bank account, and he flies his children to the United States to school, the total amount of money in his bank account may not be enough to feed one for a year, not to talk of paying the fees and buying reading books.
He’ll have to change his N1 million naira to $3,000 dollars, which would not be enough to do a lot.
3. Local Transport Expenses
A rise in dollar and fall in naira affects pretty much a lot in the country, and a surge in transport expenses is not left out of it.
By the day, different transport lines and unions communicate to place a fixed, higher price for their services.
4. Importation of Goods
For businesspeople in Nigeria, a rise in dollar and collapse in Nigeria affects importation expenses. If it happens that dollar should rise, what importers import for a total cost of N500,000 naira could easily soar to N650,000 naira overnight.
If things turn out this way, it’ll affect the businessperson and customers because there will also be an increase in the price for the imported goods.
5. Hunger and Poverty
The rise in dollar will lead to the rise in the cost of commodities (consumables and non-consumables), and this in turn will lead to increase in hunger and then poverty as many people who feed with N200 naira daily may not be able to live on that amount any more.
The cost of things will soar, and what used to sell for N200 naira may become N450 naira within days.
Factors Influencing Currency Exchange Rates in Nigeria
There are certain factors affecting the dollar to naira exchange rate today.
There was a good time, in 1988, when N1 naira equalled $1 dollar in Nigeria.
As time went on and black man was left to rule black men, things started falling apart.
Today, the Nigerian currency happens to be one of the weakest in Africa, notwithstanding being the giant of Africa.
Also, when prices for specific products in Nigeria rise to a certain amount, it never or hardly comes back because the value of naira in the world market is hardly reclaimed when lost.
This is because of the factors that are favourable to some inhabitants of the nation, but detrimental to the national growth and economy.
As a growing child, Pepsi drink was sold for N25 naira, and N1,000 naira was big money then.
People bought lands with just N2,000 naira then, but now, everything has changed.
Again, all of these are resulting from factors, 3 of which I’ll mention below:
1. Oil Price Fluctuation
Nigeria has several sources of internally generated revenue, but the primary one remains petroleum.
This means that whenever there’s a shift in the market price for oil, the Nigerian economy is affected (minimally or maximally depending on the extent of change).
Due to this occurrence, the black market dollar to naira exchange rate, and the world bank’s is regularly on a scale that is not stable.
Fluctuation in the price of oil in world market affects the exchange rate big-time.
In Nigeria, you know when the prices for commodities go up or rise, there’s hardly a return to initial price.
Other factors that contribute to the exchange rate of dollar to naira in Nigeria include the current account deficits, foreign products demand, and inflation.
2. Weak Economic Strength
When a country has a weak economic strength, and it’s unstable, investors do not come near.
A major reason for economic instability in most cases in political instability, because the political cabinet controls the national economy.
As of the case with Nigeria, terrorism and political corruption are on the high rise. These flaws, combined with poor infrastructures and power supply, chase off foreign investors looking for green grounds to invest.
Let’s say the foreigners come to Nigeria to settle, they’ll have to live here like it’s their home, but they can’t spend dollars here.
Therefore, they’ll need to buy the Nigerian naira currency with their dollar, which will raise the demand for naira, and bottle up the value of naira gradually.
3. Import and Export Rates
Nigeria has farmlands where thousands of farm produce for consumption and export are produced. These farm produce only make up a part of 20% of the nation’s exportation goods.
The rate of importation in the country is extremely high, and it leads to the value depreciation of the dominant official naira currency.
It is not only consumables that Nigeria imports, they import all sort of goods from technical, to consumables and more.
One of the factors that determine the economic strength of a nation is export rate.
When a country’s export rate is poor compared to their import rate, it tells bad on them – this is the case in Nigeria, and it tells very badly on the naira currency.
A cure to this issue would be the production of goods or commodities that can be exported and profited from.
4. Looting of Public Funds
When Abacha’s wife said she would never be as broke as Dangote, she wasn’t joking. Public officers are catalysts in the devaluation of Nigeria’s currency.
They loot public funds in billions and change the looted fund into dollar bills which are stored abroad. This is a major factor that was born with the independence of the country.
About the United States Dollar
What is the United States Dollar (shorted as USD)?
By now, it is no news that the US dollar is one of the highest valued currencies of the world.
Today, the United States Dollar is mostly used in countries where the primary language for communication is English.
The United States Dollar or the American dollar is the official currency of the United States of America.
The currency is the primary means of trade throughout the territories of the US, and has been so since 1972.
It’s sign is popular among many to be $, and it is called by many names which include the U.S. dollar, USD, American dollar, or United States Dollar.
Although its short code is USD, several people prefer to spell out the letters when talking about the United States dollar.
5 Facts About the United States Dollar
These are a few informative facts about the American dollar:
1. It is divided into 1000 mills (denoted as ₥) and 100 cents (denoted symbolically as ¢).
2. The United States Dollar is primarily the world’s reserve currency.
The USD is used is several countries as a primary currency, and it is also a de facto currency in some other nations.
3. In the Caribbean, British Virgin Islands, and Turks and Caicos Islands, the $USD is circulated as the sole currency in operation.
4. U.S. dollar coins are used in some countries till this moment, and some countries use the Federal Reserve Notes as their official paper money.
5. As of June 2018, $50 billion dollars is in form of coins, $1.62 trillion dollars is in Federal Reserve Notes, and a total of $1.67 trillion dollars is in the circulation.