Dollar to Naira black market exchange rate for 22, Jan 2017

Here is the Black market exchange rate of the United States Dollar to the Nigerian Naira today 22, January 2017.

Date: (Usd/Ngn) BUY / SELL
22/01/2017: 492/ 498

The Nigerian naira is the currency of Nigeria. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. In 1973, the naira was replaced by the pound at a rate of 2 naira = 1 pound.

Economic and currency experts have expressed divergent views over the outlook of the naira this year.

While some said the naira would experience further decline at the parallel market this year, others said the volatility noticed in the exchange rate last year would not continue this year.

A currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, said the naira would continue to depreciate at the parallel market while the CBN would keep managing the official rate around 305/dollar.

According to the Chief Executive Officer of the Financial Derivatives Company Limited, Mr. Bismarck Rewane, the naira would depreciate to N520/$ at the parallel market this year.

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