The naira held firm against the dollar this week. Official data show gains at the Nigerian Foreign Exchange Market (NFEM). The black market, however, still trades at a premium. Below is a full breakdown of today’s rates, plus a quick table you can use for conversions.
Naira Exchange Rate Today: Official CBN Rate Today
The Central Bank of Nigeria (CBN) closed the dollar at about ₦1,350 per unit on Monday, August 17. That is up from ₦1,357.61 on the previous session. Analysts call it the naira’s strongest official close since April. External reserves also rose, hitting a 17-year high near $52.26 billion. This growth in reserves supports the naira’s recent strength.
Naira Exchange Rate Today: Black Market (Parallel Market) Rate Today
Street rates tell a different story. Bureau De Change (BDC) dealers in Lagos, Abuja, Kano and Port Harcourt quote the dollar between ₦1,407 and ₦1,420 as of this week. That gap between the official and parallel windows remains close to ₦70. Still, the spread has narrowed compared to earlier in the year. Traders link the improvement to stronger dollar liquidity and steady diaspora inflows.
Reminder: the parallel market operates outside CBN regulation. Rates change often and vary by location and dealer.
Naira Exchange Rate Table Today
Use this table to compare the official CBN rate against black market buy and sell prices for major currencies.
| Currency | Code | Official CBN Rate (₦) | Black Market Buy (₦) | Black Market Sell (₦) |
|---|---|---|---|---|
| US Dollar | USD | 1,350.00 | 1,407 | 1,420 |
| British Pound | GBP | 1,840.10 | 1,870 | 1,900 |
| Euro | EUR | 1,571.70 | 1,560 | 1,610 |
| Canadian Dollar | CAD | 990.00 | 996 | 1,004 |
| UAE Dirham | AED | ~367 | 350 | 370 |
| Chinese Yuan | CNY | ~188 | 190 | 205 |
| South African Rand | ZAR | ~75 | 78 | 90 |
| Ghanaian Cedi | GHS | ~98 | 95 | 110 |
| Australian Dollar | AUD | ~870 | 800 | 900 |
| West African CFA | XOF | — | 2,300 | 2,400 |
Why the Gap Between Official and Black Market Rates Persists
Nigeria unified its exchange windows in past reforms. Even so, a gap remains. Several factors drive it. First, importers and travelers often struggle to source dollars through banks. Second, retail demand for cash pushes buyers to street dealers. Third, global oil prices and crude receipts still shape how much foreign currency reaches the official window. As a result, the parallel market stays active despite the reforms.
Quick Naira Conversion Guide
Want a fast estimate? Multiply the amount by today’s black market sell rate.
- $100 = ₦142,000 (at ₦1,420/$)
- £100 = ₦190,000 (at ₦1,900/£)
- €100 = ₦161,000 (at ₦1,610/€)
- CA$100 = ₦100,400 (at ₦1,004/CA$)
What to Watch This Week
Market watchers expect the CBN to keep its interest rate decision in focus at its next meeting. Inflation has eased to about 15.43 percent, which gives the apex bank some room to manoeuvre. Meanwhile, external reserves near $52 billion continue to support naira stability. Therefore, further gains at the official window remain possible in the short term. However, the black market may stay volatile until dollar supply improves further.
Disclaimer: Exchange rates change throughout the day and vary by dealer and location. Sojworldnews compiles this report from CBN data and parallel market trackers for general information only. It is not financial advice.
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