Economy
See Exchange Rate As Naira Appreciates In Parallel Market
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Naira appreciated against the United States dollar in both the official and parallel foreign exchange markets on Tuesday following the decision of the Central Bank of Nigeria, CBN, to cut its interest rate for the first time in five years.
The apex bank reduced the rate by 50 basis points to 27 percent, a move that immediately had a positive effect on the money market.
Data released by the CBN showed that the Naira closed stronger at ₦1,487.37 per dollar compared to ₦1,488.60 recorded on Monday.
This indicates that the Nigerian currency gained ₦1.23 within a single trading day, reflecting improved confidence in the economy.
The appreciation was also felt in the black market, where the Naira firmed up by ₦2, trading at ₦1,520 per dollar on Tuesday, an improvement from ₦1,522 the previous day.
This development came after the local currency had recorded a slight decline at the start of the week, raising concerns among traders and investors.
The quick rebound has been attributed largely to the CBN’s interest rate cut, which analysts describe as a timely intervention aimed at stimulating growth while consolidating gains made in stabilising the foreign exchange market.
Speaking on the decision, the Governor of the Central Bank, Olayemi Cardoso, said the Monetary Policy Committee carefully reviewed prevailing conditions in the economy before opting for the reduction.
He explained that the move was backed by several positive indicators that pointed to stability.
According to him, the MPC expressed satisfaction with the improvements recorded in disinflation, output growth, exchange rate stability, and external reserves.
He added that the committee believed the time was right to ease rates to encourage further economic activities and enhance liquidity across the markets.
The CBN’s move has also coincided with a steady rise in Nigeria’s foreign reserves, which climbed to $42.13 billion as of September 22, up from $42.03 billion just a day earlier.
The increase in reserves has been seen as a source of confidence for both local and foreign investors, suggesting that the country is in a stronger position to meet external obligations and defend the Naira against undue pressure.
Economic observers note that the combination of a stronger reserve base and a more flexible interest rate policy could support stability in the medium term, provided that other structural issues within the economy are addressed.
Market watchers believe that the latest developments send a clear signal of cautious optimism.
While the Naira’s gains may appear modest on the surface, the symbolic importance of the CBN’s action and the resulting market response indicate that Nigeria’s monetary authorities are prepared to support growth while safeguarding stability.
Traders, businesses, and households alike will be watching closely in the coming days to see if the positive momentum continues and whether the Naira can sustain its strength in the face of domestic and global economic pressures.
The Black Market Dollar-to-Naira Exchange Rate for 21st May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 21st May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦11399 and buy at ₦1386 on Thursday, 21st May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1399
Buying Rate ₦1386
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1374
Lowest Rate ₦1372
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates.
The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
The Central Bank of Nigeria (CBN) on Wednesday retained its benchmark interest rate at 26.5 percent following the conclusion of its two-day Monetary Policy Committee (MPC) meeting, a decision largely anticipated by analysts who expected policymakers to maintain the status quo.
CBN Governor Olayemi Cardoso said the committee decided to keep rates unchanged amid caution over global shocks, particularly uncertainties stemming from developments in the United States and the ongoing conflict in the Middle East.
The decision highlights the MPC’s cautious stance as policymakers seek to balance the need to rein in inflationary pressures and anchor market expectations while sustaining economic recovery.
Data from the National Bureau of Statistics (NBS) showed that Nigeria’s headline inflation rate continued its upward trend in April 2026, rising by 31 basis points to 15.69 percent year-on-year from 15.38 percent recorded in March.
The latest increase marks the second consecutive monthly rise in headline inflation, reversing the disinflationary trend that had persisted for 11 months and pushed inflation down from 34.8 percent in late 2024 to 15.06 percent in February 2026.
“While prevailing inflationary risks may justify a cautious policy posture by the MPC, the CPPE strongly urges the monetary authorities to avoid excessive reliance on monetary policy orthodoxy in managing what is fundamentally a structurally-driven inflation environment,” said Muda Yusuf, chief executive officer of the Centre for the Promotion of Private Enterprise.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar-to-Naira Exchange Rate for 20th May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 20th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦11400 and buy at ₦1385 on Wednesday, 20th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1374
Lowest Rate ₦1370
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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