Dollar to Naira Rate Today
The only converter showing both the official CBN rate and the parallel market rate — side by side, updated daily.
USD to Nigerian Naira — Quick Reference Table
Live rates for common amounts. Both CBN official and parallel market rates.
| Amount (USD) | CBN Official (₦) | Parallel Market (₦) |
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Dollar to naira today — Full Guide
The dollar to naira exchange rate today exists in two versions: the official CBN rate — set by the Central Bank of Nigeria through the NAFEM window and used by banks and formal businesses — and the parallel market rate, also known as the black market or aboki rate, which is what Bureau De Change operators in Lagos and Abuja actually trade at.
Since the June 2023 forex reform under President Tinubu, the gap between the two rates has narrowed from over 60% to typically 5–15%. But the gap still matters — especially if you're sending money home or exchanging cash outside of a bank.
Why There Are Two Dollar to Naira Rates
Nigeria's forex market has operated with a parallel market for decades because official channels cannot always supply enough dollars to meet demand. When the Central Bank restricts dollar supply to banks — whether to manage reserves or defend the naira — businesses and individuals turn to Bureau De Change operators who source dollars through informal channels. The parallel rate therefore reflects real-world supply and demand. Since the 2023 unification of exchange rate windows, the CBN has allowed the naira to float more freely, significantly narrowing — but not eliminating — the parallel market premium.
What the 2023 Naira Devaluation Means for You
In June 2023, the naira fell from around ₦460 to the dollar to over ₦700 almost overnight as the CBN unified its multiple exchange rate windows. By early 2024 the rate had reached ₦1,500+. For Nigerians in the diaspora, this means remittances now convert to significantly more naira — a silver lining for families receiving money from abroad. For Nigerians in Nigeria, it has meant higher prices for imported goods and higher inflation.
Frequently Asked Questions
Answers to the most common questions about dollar to naira today
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The dollar to naira rate today has two values: the official CBN rate (used by banks and formal transactions) and the parallel market rate (used by Bureau De Change operators). See the live rates at the top of this page. The CBN rate is updated via the NAFEM window; the parallel rate is an estimate based on aggregated BDC market data from Lagos and Abuja.
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The parallel market rate is higher because demand for US dollars exceeds what official banks can supply. Many Nigerians and businesses cannot access forex at the CBN rate due to documentation requirements or limited allocations. BDC operators source dollars from the informal market and charge a premium — typically 5–15% above the official rate since the 2023 reforms.
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At the current rate, $100 USD = approximately ₦154,000–₦162,000 NGN depending on whether you use the CBN official rate or the parallel market rate. Use our live calculator above for the exact current figure.
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Lemfi and Grey Finance consistently offer rates closest to the CBN official rate with low or zero fees. Wise is excellent for transparency. Avoid traditional banks and Western Union if rate is your priority — their spreads can cost you 10–20% more than digital alternatives.
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Most economic analysts expect the naira to stabilise gradually as oil revenues recover and the CBN maintains tighter monetary policy. A return to pre-2023 rates is not expected. The IMF has praised the 2023 reforms as a necessary structural adjustment, and the narrowing of the parallel market premium is a positive sign.
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