Economic uncertainty in Africa’s largest economy Nigeria continues to weigh on the Nigerian Naira despite numerous efforts by the Central Bank of Nigeria to prop up the Naira value against global counterparts. The Nigerian Naira opened the week at N504 to a United States Dollar at the parallel market popularly known as the black market.

While against the British Pound and European single currency, it traded at N703 and N592, respectively.

At the Central Bank of Nigeria’s regulated forex segment, the NAFEX, Naira stood at N411.50 to a United States Dollar but was quoted by the Central Bank of Nigeria at N410.14 to the United States Dollar.

The inability of the Central Bank of Nigeria to service the economy with enough forex liquidity has impeded economic activities, escalated inflation rate to 17.75 percent in the month of June and drove the unemployment rate to 33.33 percent despite oil price hitting $75 per barrel before moderating to $70 last week.

The oil-dependent nation’s foreign reserves remained lackluster at $33.171 billion, largely due to OPEC+ plus production cuts agreement and other internal issues. The dwindling foreign reserves has hindered central bank’s intermittent forex intervention aimed at supporting the Naira value and stimulating productivity across the economy.

Naira traded at N500, N705 and 595 to the United States Dollar, the British Pound and the Euro at the Bureau de Change forex section. See other Naira Exchange rates in the tables below.

Naira Black Market Exchange Rates

Morning * Midday** Evening *** Final Rates

Bureau De Change Naira Rates

Central Bank of Nigeria’s Official Naira Rates

N.B: These tables are updated three times a day.