October 17, 2016: How much is dollar to naira in Nigeria black market today

Newsbeatportal.com gives information on the current Nigeria Black market exchange rates of dollar to naira, pound and naira, and the euro vs naira every morning.

For more updated rates today, visit our latest black market update page below.

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The United States Dollar Exchange Rate – USD Rate to Nigeria Naira Exchange Rate – NGN rate in black market:

USD/NGN: BUY / SELL
17/10/2016: 450/ 457

The Nigerian naira is the currency of Nigeria. In 1973, the naira was replaced by the pound at a rate of 2 naira = 1 pound.

On Friday October 7, 2016, Travelex commenced the sales of FOREX to Bureau De Change operators in the country, and immediately started selling directly to travellers to further boost liquidity in the market and aid economic activities.

Samed Olukoya, a foreign exchange research analyst at Investors King Limited, said “If the CBN and Travelex can sustain the current arrangement it, will help fight speculation and gradually prop up the Naira value against the dollar, pound, and euro.”

“About 1,700 bureaux de change are currently accessing $15,000 each from Travelex every week and we expect the improved dollar liquidity in the market to have positive impact on the value of the naira,” the President, Association of Bureau De Change Operators of Nigeria, Aminu Gwadabe, told Reuters.



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2 Comments

  1. Name*Samaila Muhammad August 29, 2016
  2. Naira exchange rate September 27, 2016

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