The Nigerian Naira was largely unchanged against the United States Dollar on Tuesday morning at the parallel market known as the Black market. The local currency opened the day at N515 to a United States Dollar. While against the British Pound and the Euro, the Naira exchanged at N706 and Euro, respectively.

At the Bureau de Change segment, the Naira exchanged at N513 to a United States Dollar, N706 to a British Pound and N603 to a single Euro.

Economic uncertainty continues to dictate the Nigerian Naira’s outlook, especially after the series of changes implemented by the Central Bank of Nigeria (CBN) to prop up the value of the local currency, curb the activities of speculators and hoarders at the unregulated black market and converge the nation’s exchange rates.

However, weak foreign reserves amid chronic forex scarcity remained the bane of Nigeria’s forex predicament. The inability of the Central Bank of Nigeria to service the economy with enough forex given the structure of the economy as an import-dependent economy continues to escalate the price of import goods and the profit of imports dependent businesses. See other exchange rates 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.