Nigeria’s central bank allowed the naira to drop about 2% on the official market to a record low on Wednesday, but the currency’s rate remained above where it trades at central bank auctions and on the black market.

Nigeria is trying to find a way to unify its multiple exchange rate system, used to keep the naira artificially strong.

New President Bola Tinubu told members of his governing party last week that the country would not have multiple exchange rates anymore.

The naira fell as low as 475 naira to the U.S. dollar from Tuesday’s trades of around 465 naira, before recovering to 466 naira.

Traders said the central bank had allowed them to trade the currency as weak as 475 naira to the dollar on the official market, outside a previous band of 460 to 467 naira to the dollar.

In the past, the bank has allowed the naira to weaken in 5 naira increments.

The central bank has been adjusting the naira gradually on the official market to avoid a large-scale devaluation.

The bank sold the dollar at 645 naira at its Friday auction, fuelling speculation that a devaluation which could weaken the official exchange rate closer to the auction level was imminent.

Last Thursday, the central bank denied devaluing the naira, following media reports of a big fall in the currency after Tinubu met the central bank governor.

As of June 7th, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦750, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦753 and ₦750 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦753 and sold for ₦750.

Investors King understands that although the dollar to naira opened at N750 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Wednesday, June 7th, 2023, individuals in the black market purchased one US dollar for N753 and sold it for N750. This shows that the value of the Naira declined slightly when compared to Tuesday, June 6th, 2023, when the local currency was exchanged at N748 and sold for N750.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

• Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
• Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
• Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
• Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar to naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

The Central Bank of Nigeria (CBN) has denied devaluing the Nigerian Naira from N464.67 per dollar to N631 reported by some online platforms.

The platforms had quoted Importers and Exporters (I&E) foreign exchange window used by the central bank as the official exchange rate as its source, however, a check by Investors King showed that the Naira to Dollar exchange rate opened at N464.10 and closed at N464.67 on Wednesday.

A top official of the apex bank, who told this medium that the report is completely false, warned that such reports could have serious adverse consequences for the economy.

“The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”

According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.

President Bola Ahmed Tinubu, during his inauguration speech, had announced that one of his administration’s agenda is to converge the nation’s numerous exchange rates and streamline business processes to encourage foreign investors’ participation in economic growth.

The new president went on to announce an end to fuel subsidy that has plummeted the nation’s resources at the expense of development in strategic sectors.

On Tuesday, the Nigerian stock exchange responded positively to the news with investors scooping as much as they could ahead of a projected better economy. The Nigerian stock market appreciated by over 5% in a single day, the largest of such gain in 30 months and the second largest in  7 years.