Naira Exchange Rate Today, Friday, August 20, 2021

Naira depreciated further against its global counterparts on Friday at the black market as forex scarcity persist.

The local currency exchanged at N520 to a United States Dollar at the parallel market, representing a decline of N5 when compared to N515 it exchanged on Tuesday. While against the British and Euro common currency, the Nigerian traded at N708 and N607, respectively.

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.