Get a clear look at today’s USD to NGN exchange rate in the black market.
Understand the difference between the black market and official rates, current inflation, and more.
This guide will help you make smart decisions about foreign exchange.
Today’s USD to NGN Exchange Rate in the Black Market
In this informative article, we will take an in-depth look at the present status of the money exchange rate between the US Dollar and Nigerian Naira (USD to NGN) in the black market, providing you with valuable insights and detailed information.
The black market is another name for the unofficial money exchange market. We’ll focus on what happened on June 19th, 2023.
Black Market Exchange Rates: USD to NGN Today
Today, the exchange rate in the black market, or the Lagos Parallel Market, is as follows:
|USD to NGN Rate||Black Market (June 19, 2023)|
It’s really important to remember that these rates come from the Bureau De Change (BDC), and they might be different from the official rates from the Central Bank of Nigeria (CBN). The CBN doesn’t support the black market and advises people to go to their banks for exchanging foreign money.
The Changing Economy: Inflation Goes Up to 22.41%
The Nigerian government, led by Tinubu, is facing a major issue. The inflation rate has gone up, as reported by the National Bureau of Statistics (NBS). In May 2023, the Consumer Price Index (CPI) increased from 22.22% to 22.41%.
The Consumer Price Index (CPI) is a way to measure how much the price of goods and services changes. It helps us understand inflation in the country.
Official Exchange Rates Today
Unlike the black market rates, the CBN gives a more steady, official exchange rate for different currencies. Here’s what the USD to NGN exchange rates were on June 19th, 2023:
|USD to NGN Rate||Official CBN Rate (June 19, 2023)|
Official rates from the CBN usually stay the same, but they might not show the real value that you would find in the black market.
Knowing About Exchange Rates Can Help You
Learning about exchange rates can be beneficial for individuals and companies who require foreign currency. It’s crucial to stay informed in order to make wise choices.
Differentiating between official and black market rates is a significant aspect of this. Continuously checking for updates on Nigeria’s foreign exchange market is recommended.
Since the market can experience significant fluctuations, seeking guidance from reliable financial advisors or institutions before making decisions regarding foreign currency exchange is a wise approach.
This article intends to provide useful information about the current USD to NGN exchange rate, assisting you in comprehending the present situation.