Naira Exchange Rates Today, Wednesday, July 28, 2021

Naira plunged further against its global counterparts as the Central Bank of Nigeria (CBN) announced on Tuesday it has stopped sales of forex to Bureau De Change Operators (BDCs).

The naira plunged against the United States Dollar from N505 it traded on Tuesday to N525 on Wednesday at the black market. Against the British Pound and the Euro, the local currency exchanged at N710 and N600, respectively.

The Central Bank of Nigeria had accused Bureau de Change operators of engaging in money laundering and illicit flows with criminal-minded individuals that operate mainly at the unregulated black market section of forex.

Operators at the bureau de change section of forex had been accused of being the main source of forex for speculators and hoarders that manipulate forex rates at the unregulated black market, this the CBN plans to curb by cutting its weekly forex supply to BDCs but focus on servicing the economy through the banks.

The Naira also declined from N500 to N520 against the United States Dollar at the Bureau De Change section. The decline continues against the British Pound and the Euro as it dropped from N700 and N595 to N705 and N600, respectively. See the tables below for more exchange rates.

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.