Naira to Dollar: Current Exchange Rate Snapshot

As of mid-2024, the Nigerian Naira (NGN) trades around ₦1,450–₦1,550 per US Dollar (USD) on the parallel (black) market, and ₦1,400–₦1,500 on the official I&E window.

Why Two Rates?

• Official (I&E Window): CBN-managed, for eligible transactions (invisibles, SMEs, investors).
• Parallel Market: Street rate, driven by demand/supply, used by most individuals/small businesses.

The gap has narrowed since the June 2023 float, but volatility persists.

Recent Trajectory

• Jan 2023: ~₦450 (official), ~₦750 (parallel)
• Jun 2023: Float announced → rapid depreciation.
• Dec 2023: ~₦900 (both)
• May 2024: ~₦1,400–1,500 (both)

Drivers

• Oil revenue volatility (90% of FX earnings).
• Dollar demand for imports, tuition, medical, capital flight.
• CBN policy shifts (float, rate unification, interest hikes).
• Inflation (~33% headline, ~40% food).

Where to Check Live Rates

• Official: cbn.gov.ng (Daily I&E rate)
• Market: abokiFX, naira.exchange, XE, OANDA
• Banks: GTB, Access, Zenith, UBA apps (card rates).

Rates change intraday. Always verify at transaction time. The ₦727 figure in older sources is outdated.