Economy
CBN Naira To Dollar Rate Today 9th March 2024

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.
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:
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.
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.
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.
Economy
Nigeria remains Africa’s largest economy, says World Bank

The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector.
Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja yesterday, Dr. Diop said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants—especially in comparison to countries like Indonesia and South Africa—it continues to hold its position as Africa’s biggest economy.
He stated that the CPSD report, set to be released in the coming weeks, will reveal the impact of private sector constraints on economic growth.
He noted that if targeted actions were taken to remove these obstacles, Nigeria’s economic potential would be significantly enhanced.
The current macroeconomic reforms, he explained, have created a favorable environment for such changes. He cited the country’s recent economic stabilization measures, particularly exchange rate market adjustments and improved access to foreign exchange, as critical steps that have already enhanced investment conditions.
Dr. Diop outlined four key sectors where strategic reforms could unlock massive investment and job creation. In the Information Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realized, potentially creating more than 200,000 jobs.
In agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.
The solar photovoltaic (PV) industry holds the potential for $8.5 billion in investment and more than 129,000 jobs, while the pharmaceutical sector could attract $1.6 billion and create more than 30,000 to 40,000 jobs.
For the ICT sector, he identified the high, unpredictable, and inconsistent right-of-way fees, levies, and informal charges—comprising 30 to 70 per cent of broadband rollout costs—as a major barrier. Addressing these regulatory inconsistencies, he argued, would be a game-changer for broadband expansion. He acknowledged that the National Economic Council has recognized this issue and that progress is being made through a World Bank-supported initiative.
Additionally, he pointed to challenges such as vandalism, limited financing for rural broadband expansion, and the need for competitive access to wholesale fiber. He noted that efforts are underway in collaboration with government agencies to resolve these issues, and the World Bank, the International Finance Corporation (IFC), and private investors are prepared to support broadband infrastructure development.
On solar power, Dr. Diop described Nigeria’s energy sector as difficult but noted that renewable energy access, particularly solar PV, has been a bright spot. He explained that private sector investment in renewable energy has historically been hindered by high costs and unviable tariffs. However, blended finance mechanisms supported by the World Bank and IFC have helped bridge this gap, making off-grid solutions more viable.
He pointed to the DES project, which aims to connect 17.5 million households and businesses to solar power, as evidence of growing private sector interest. While the solar industry is expanding, he stressed that reforms to improve Nigeria’s grid electricity supply remain crucial for industrialization.
The Regional Director for Central Africa and Anglophone West Africa at the IFC, Dr. Dahlia Khalifa, stressed the importance of consistency in regulatory policies, particularly in customs duties and revenue agency fees. She noted that unpredictability discourages private sector investment, as businesses rely on stable regulatory environments for strategic planning.
Khalifa also pointed out that while direct job creation in the pharmaceutical sector may be lower compared to other industries, improved healthcare services would yield far-reaching economic benefits.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, commended the IFC for its support across critical sectors, including agriculture, infrastructure, and pharmaceuticals. He highlighted key financing partnerships such as the $1.2 billion facility for Indorama’s fertilizer expansion in Eleme, investments in cocoa processing, and a $70 million SME financing initiative with First City Monument Bank.
He also acknowledged IFC’s latest commitment of $70 million to five Nigerian companies under the Distributive Access to Renewable Energy programme, part of the federal government’s broader Mission 300 initiative.
Edun said President Bola Tinubu’s administration has undertaken bold and necessary reforms that have reshaped Nigeria’s economic landscape. He noted that the removal of wasteful subsidies has strengthened government finances, while improved security has boosted oil production and revenue.
He highlighted that private sector confidence is growing, with new investments beginning to materialize in response to the government’s policy changes.
The minister restated the administration’s commitment to addressing the cost-of-living crisis, particularly through increased food production and affordability measures. He acknowledged that reforms such as the removal of fuel subsidies and the adoption of market-based pricing mechanisms have led to short-term inflationary pressures.
However, he assured that targeted interventions, including direct cash transfers to vulnerable citizens with World Bank support, will help mitigate the impact.
He insisted that the government remains determined to leverage technology to ensure swift, biometric-enabled assistance to those in need.
Economy
SEE Black Market Dollar To Naira Exchange Rate in Lagos and FCT today, 7th February 2025

The official naira black market exchange rate in Lagos and FCT, Abuja today including the Black Market rates, Bureau De Change (BDC), and CBN rates.
According to Bureau De Change (BDC) sources in the Ogba and Ikeja axis of Lagos state, the exchange rate for a dollar to naira at the Parallel Market (Black Market) is N1700 on Friday, February 7th, 2024, players bought a dollar for N1685 and sold it for N1700.
Bureau De Change (BDC) sources in Gwarimpa and Gwagwalada in FCT buy a dollar for N1685 and sell it for N1700 on Friday, February 7th, 2024.
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 Lagos
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1685
Selling Rate N1700
Dollar to Naira Black Market Rate FCT, Abuja
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1685
Selling Rate N1700
Please note that the rates you buy or sell forex may differ from what is captured in this article because prices vary from state to state across Nigeria.
Economy
CBN lists conditions for sale of FX to BDC operators

The Central Bank of Nigeria, CBN, has issued guidelines for the sale of foreign exchange (FX) to Bureaux De Change, BDC, operators.
The modalities are outlined in a statement issued by the Trade and Exchange Department of the CBN on Wednesday.
The Apex Bank stated that this is in response to its earlier authorization granting temporary access to existing BDCs to the Nigerian Foreign Exchange Market (NFEM) for the purchase of FX from authorized dealers.
The CBN noted that authorized dealers are only allowed to sell foreign exchange cash to BDCs, subject to a maximum of USD 25,000.00 per week per BDC.
The Apex Bank warned that any breach of this condition will attract appropriate sanctions.
The CBN emphasized that the selling rate by authorized dealers to BDCs shall be the prevailing day rate at the NFEM window.
According to the statement from the bank, “foreign exchange cash purchased by BDCs from authorized dealer banks shall be sold to foreign exchange end-users at a rate not exceeding a one percent margin above the buying rate.
“While the one percent margin stated above shall be applicable to all funds to be retailed by BDCs, regardless of the source of funds.”
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