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CBN Naira To Dollar Rate Today 9th March 2024

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CBN naira to dollar rate today 9th March 2024 can be accessed below.

The official CBN Dollar To Naira exchange rate today, which also includes exchange rates of Pounds to Naira, Euro to Naira, and more popular currencies used by Nigerians.

IMPORTANT NOTICE: Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy.

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As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website.

The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.

What is the CBN naira to dollar rate today?
The CBN Dollar to naira exchange rate today: The exchange rate for a dollar to naira at the official window is ₦1,594 as of Saturday, 9 March 2024, according to the data published by CBN. The CBN exchange rate of dollar to naira today, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official is as follows:

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Date Currency Buying(NGN) Central(NGN) Selling(NGN)
3/7/2024 US DOLLAR 1593.342 1593.842 1594.342
3/7/2024 POUNDS STERLING 2034.8571 2035.4956 2036.1342
3/7/2024 EURO 1739.2921 1739.8379 1740.3837
3/7/2024 SWISS FRANC 1810.8217 1811.3899 1811.9582
3/7/2024 YEN 10.7498 10.7532 10.7566
3/7/2024 CFA 2.6169 2.6269 2.6369
3/7/2024 WAUA 2113.945 2114.6083 2115.2717
3/7/2024 RIYAL 424.8119 424.9452 425.0785
3/7/2024 DANISH KRONA 233.2926 233.3658 233.439
3/7/2024 SDR 2118.8262 2119.4911 2120.156
Dollar to Naira CBN Rate Today

The official exchange rate of the US dollar to the Nigerian naira, as of today, 9 March 2024, is ₦1,594 per US dollar.

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,593
Selling Rate of $1 ₦1,594
Factors Influencing Foreign Exchange Rate

Here are some of the causes of the dwindling dollar to naira exchange rate.

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Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

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Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

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Economy

75.5% of rural Nigerians now live below poverty line — World Bank

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The World Bank has disclosed that a staggering 75.5 per cent of rural Nigerians are now living below the poverty line, reflecting deepening hardship in the country’s hinterlands.

This was revealed in the Bank’s April 2025 Poverty and Equity Brief for Nigeria, which paints a grim picture of worsening economic hardship, widening inequality, and persistent underdevelopment across much of the nation.

While poverty is widespread among urban populations, the report emphasised that the situation is significantly worse in rural areas, where economic stagnation, high inflation, and insecurity have exacerbated living conditions.

“Based on the most recent official household survey data from Nigeria’s National Bureau of Statistics, 30.9 per cent of Nigerians lived below the international extreme poverty line of $2.15 per person per day in 2018/19 before the COVID-19 pandemic,” the report stated.

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The report also highlighted Nigeria’s enduring regional disparities. “Nigeria remains spatially unequal. The poverty rate in northern geopolitical zones was 46.5 per cent in 2018/19, compared with 13.5 per cent for southern ones. Inequality measured by the Gini index was estimated at 35.1 in 2018/19.

“Nigeria’s Prosperity Gap — the average factor by which individuals’ incomes must be multiplied to attain a prosperity standard of $25 per day for all — is estimated at 10.2, higher than most peers.”

Despite successive policy interventions, these figures underscore a persistent economic divide across the country.

The report’s demographic analysis found that children aged 0 to 14 years had a poverty rate of 72.5 per cent, reflecting the scale of deprivation among the youngest segment of the population.

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Gender disparities were also observed, with 63.9 per cent of females and 63.1 per cent of males classified as poor under the $3.65 per day lower-middle-income threshold.

Education emerged as a significant determinant of poverty, with Nigerians lacking formal education experiencing a poverty rate of 79.5 per cent. This contrasts with 61.9 per cent for those with primary education and 50.0 per cent for secondary school graduates. Only 25.4 per cent of those with tertiary education were considered poor.

The report also drew attention to multidimensional poverty indicators, which further reflect widespread deprivation.

According to the World Bank, about 30.9 per cent of Nigerians live on less than $2.15 daily, 32.6 per cent lack access to limited-standard drinking water, 45.1 per cent do not have limited-standard sanitation, and 39.4 per cent have no electricity.

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Education access remains a challenge, with 17.6 per cent of adults yet to complete primary education, and 9.0 per cent of households reporting at least one school-aged child not enrolled in school.

The report noted that even before the COVID-19 pandemic, efforts to reduce extreme poverty had largely stalled.

“Before COVID-19, extreme poverty reduction had almost stagnated, dropping by only half a percentage point annually since 2010. Living standards of the urban poor are hardly improving, and jobs that would allow households to escape poverty are lacking,” the report read.

Although the World Bank acknowledged recent economic reforms aimed at stabilising Nigeria’s macroeconomic outlook, it warned that persistently high inflation continues to undermine household purchasing power, particularly in urban areas where incomes have not kept pace with rising costs.

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In light of the worsening situation, the Bank called for urgent policy action to shield vulnerable groups from inflationary shocks and to drive job creation through more productive economic activities.

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Economy

Naira Records Marginal Decline Against Dollar at Official Market

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The Nigerian naira experienced a mild drop in value on Friday, closing at ₦1,602.18 per dollar in the official foreign exchange market, based on figures released by the Central Bank of Nigeria (CBN).

This marks a decrease of ₦5.49 from the rate of ₦1,596.69 recorded on April 30, the last trading day before the May 1 Workers’ Day holiday—indicating a depreciation of approximately 0.34%.

Earlier in the week, from Monday to Wednesday, the naira remained relatively stable, exchanging at ₦1,599.95, ₦1,599.71, and ₦1,596.69 respectively.

Although the local currency showed some consistency mid-week, it wrapped up the week with a loss, following a sligh dip of 0.02% at the beginning of the week

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Economy

Black Market Dollar hits N1,610 Amid Economic quagmire

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What is the Dollar to Naira Exchange Rate in the Black Market (Also Known as the Parallel Market or Aboki FX)?

Below is the black market exchange rate for the U.S. dollar to the Nigerian naira as of Thursday, May 1, 2025. These are the typical rates at which you can exchange dollars for naira:

Dollar to Naira Black Market Exchange Rate (May 1, 2025):
At the Lagos Parallel Market, also referred to as the black market, Bureau De Change (BDC) operators are buying dollars at ₦1,602 and selling at ₦1,610, according to market sources.

Please note: The Central Bank of Nigeria (CBN) does not recognize or endorse transactions conducted on the parallel market. The CBN advises individuals and businesses seeking foreign exchange to use official banking channels.

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