If you’re searching for the current USD to Naira exchange rate in Nigeria today, this article provides a detailed breakdown of the dollar to naira rate in both the Black Market and official bank rates. Read on to find out how much the dollar is to the naira on August 15th, 2024…
Welcome to today’s update on the Dollar to Naira exchange rate for 15th August 2024. Whether you’re dealing with international transactions, planning a trip, or simply curious about currency trends, this guide will give you a clear picture of today’s rates. We’ll cover both the Black Market and CBN (Central Bank of Nigeria) rates, so you’re well-informed.
Dollar to Naira Exchange Rate Overview
The exchange rate between the Dollar and Naira can significantly affect various financial activities in the country. On the Black Market, the rates often differ from the Central Bank of Nigeria (CBN Rates ). Let’s break down the current rates for both markets.
Black Market Dollar to Naira Rates (15th August 2024)
In the Black Market, exchange rate tend to be more flexible and can offer better deals compared to the official rates. Here’s a detailed look at today’s rates:
Currency Table: Black Market Rates
| Currency | Buy (NGN) | Sell (NGN) |
|---|---|---|
| Dollar (USD) | 1,595 | 1,600 |
| Pound Sterling (GBP) | 2,030 | 2,065 |
| Euro (EUR) | 1,685 | 1,720 |
| Canadian Dollar (CAD) | 1,100 | 1,200 |
| South African Rand (ZAR) | 85 | 110 |
| UAE Dirham (AED) | 350 | 400 |
| Chinese Yuan (CNY) | 185 | 210 |
| Ghanaian Cedi (GHS) | 80 | 100 |
| West African CFA Franc (XOF) | 2,350 | 2,450 |
| Central African CFA Franc (XAF) | 2,250 | 2,300 |
| Australian Dollar (AUD) | 850 | 885 |
For instance, if you’re buying dollars today, you can expect to pay around 1,595 NGN per USD. Conversely, if you’re selling dollars, the rate is about 1,600 NGN.
CBN Official Exchange Rates
The Central Bank of Nigeria sets official rates, which are typically lower than the Black Market rates. These official rates are important for formal transactions and government dealings. Here’s a look at today’s CBN rates:
Currency Table: CBN Rates
| Currency | Rate (NGN) |
|---|---|
| Dollar (USD) | 1,580.77 |
| Pound Sterling (GBP) | 2,029.71 |
| Euro (EUR) | 1,742.48 |
| Swiss Franc (CHF) | 1,826.42 |
| Japanese Yen (JPY) | 10.73 |
| West African CFA Franc (XOF) | 2.62 |
| Chinese Yuan (CNY) | 221.28 |
| Saudi Riyal (SAR) | 421.18 |
| South African Rand (ZAR) | 87.50 |
Note:
If you’re converting 1 USD to NGN today, the Black Market rate will give you about 1,595 NGN but if you are converting Naira to Dollar, you will have to pay 1,600 NGN to get $1 . This is useful for understanding how much you might receive or need to pay when exchanging your currencies.
Conclusion
Whether you’re using the Black Market or official CBN rates, keeping up with the Current exchange rates is important for making informed financial decisions. The disparity between these rates can impact your transactions, so choose wisely based on your needs.