The Nigerian currency exchange market is interesting these days. Results show that the naira is trading lower than the dollar, so if you have a couple of hundreds of dollars you want to exchange for a dollar, you can expect good returns.

The exchange rate at the black market between the dollar and naira shows that today, 20^th of April, the naira sells for N435 to $1 at the official market or CBN rate, while sells for N590 to $1 at the parallel market or black market. You can buy it at N587 for $1 today.

The Central Bank of Nigeria (CBN) has devalued the Naira by N6 to Dollar.

This brings the Naira closer to the exchange rate unification policy recommended by the International Monetary Fund (IMF) and the World Bank.

In a weekly update for International Money Transfer Service Operators (IMTOs), Bureau De Change (BDC) Operators and Service Providers were instructed to add N6 across all rates.

The circular was signed by O. S. Nnaji, CBN Director, Trade & Exchange Department.

The exchange rate for the disbursement of IMTOs proceeds is effective Monday, November 30 to Friday, December 4, 2020.

The CBN pegged IMTOs sale of the American currency to banks at N388 to dollar.

Banks sale to CBN was fixed at N389 to dollar; CBN sale to BDCs will be N390 to dollar.

All BDC operators to sell to end-users at not more than N392 to dollar.

Each Bureau De Change is entitled to buy $10,000 weekly.

The apex bank further directed that the Great Britain Pound (GBP) rate should be derived from the US Dollar across rate on the date of sale.