Black Market and CBN Exchange Rates for Major Currencies
Below is a summary of the current exchange rates for major currencies in both the Black Market and CBN official rates.
Black Market Rates
| Currency | Buy Rate (₦) | Sell Rate (₦) |
|---|---|---|
| USD (Dollar) | 1655 | 1660 |
| GBP (Pound) | 2020 | 2050 |
| EUR (Euro) | 1660 | 1690 |
| CAD (Canadian Dollar) | 1200 | 1250 |
| ZAR (South African Rand) | 80 | 100 |
| AED (UAE Dirham) | 425 | 455 |
| CNY (Chinese Yuan) | 200 | 240 |
| GHS (Ghanaian Cedi) | 80 | 100 |
| XOF (West African CFA Franc) | 2500 | 2650 |
| XAF (Central African CFA Franc) | 2400 | 2550 |
| AUD (Australian Dollar) | 940 | 1020 |
CBN Official Rates
| Currency | Rate (₦) |
|---|---|
| USD (Dollar) | 1551.92 |
| GBP (Pound) | 1915.53 |
| EUR (Euro) | 1617.72 |
| CHF (Swiss Franc) | 1711.04 |
| JPY (Japanese Yen) | 9.94 |
| XOF (CFA Franc) | 2.44 |
| WAUA (West African Unit of Account) | 2013.56 |
| CNY (Chinese Yuan) | 213.40 |
| SAR (Saudi Riyal) | 413.70 |
| ZAR (South African Rand) | 83.83 |
Key Takeaways
- Significant Gaps: The black market exchange rates for major currencies like the dollar, pound, and euro remain significantly higher than the CBN official rates.
- Depreciating Naira: The disparity highlights the ongoing challenges of currency depreciation and reliance on unofficial forex markets.
- Currency-Specific Insights:
- Dollar (USD): Trades at ₦1655-₦1660 in the black market, while the CBN rate is ₦1551.92.
- Pound (GBP): Black market rates hover at ₦2020-₦2050, against a CBN rate of ₦1915.53.
Let me know if you’d like a currency converter or deeper analysis on any of these rates!
