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ARTICLES

Naira Exchange Rate
Naira Exchange Rates for March 26, 2010.
Source: Nigerian Tribune
LAGOS
Currency Sell Buy
Dollar 150.00 153.00
Pound 230.00 235.00
Euro 205.00 210.00
  
IKEJA
Dollar 149.00 152.50
Pound 228:00 233.00
Euro 205:00 210:00
  
Naira Exchange Rates for Dec 28, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 151.50 152.50
  pound 250.50 252.00
  Euro 220.00 222.00
Ikeja Dollar 151.50 152.50
  pound 250.50 252.50
  Euro 220.50 222.50
  
Naira Exchange Rates for Dec 1, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 150.00 152.00
  pound 249.00 251.00
  Euro 225.00 228.00
Ikeja Dollar 150.50 152.50
  pound 249.50 251.50
  Euro 217.50 218.50
  
Quick Update: 1 US Dollar = 152 Naira.
Date: Friday October 30, 2009.
Source: Trader in Lagos Island
 
Quick Update: 1 US Dollar = 152 Naira.
Date: Wednesday October 7, 2009.
Source: Trader in Lagos Island
   
Naira Exchange Rates for Sep 30, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 155.00 160.00
  pound 254.00 260.00
  Euro 220.00 225.00
Ikeja Dollar 156.00 160.00
  pound 254.50 260.50
  Euro 220.50 225.50
 
Quick Update: 1 US Dollar = 156 Naira.
Date: Wednesday Sep 23, 2009.
Source: Trader in Lagos Island
  
Quick Update: 1 US Dollar = 157 Naira.
Date: Wednesday Sep 16, 2009.
Source: Trader in Lagos Island
  
Quick Update: 1 US Dollar = 153.95 Naira*
Date: Thursday Sep 10, 2009.
Source: Ahmed Yola on Nairaland.com

*We have not been able to confirm the accuracy of Mr Yola's rate.
The NigeriaDigest Team.
Sep 23, 2009
 
Naira Exchange Rates for Sep 8, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 155.00 160.00
  pound 254.00 260.00
  Euro 220.00 225.00
Ikeja Dollar 156.00 160.00
  pound 254.50 260.50
  Euro 220.50 225.50
 
Naira Exchange Rates for Sep 3, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 156.00 160.00
  pound 258.00 260.00
  Euro 220.00 225.00
 
Naira Exchange Rates for August 31, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 156.00 160.00
  pound 258.00 260.00
  Euro 220.00 225.00
  
Quick Update: 1 US Dollar = 160 Naira.
Date: Monday August 24, 2009.
Source: Darlington in Idumota - Lagos
  
 
Naira Exchange Rates for August 21, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 156.00 159.00
  pound 255.00 259.00
  Euro 216.00 221.00
Ikeja Dollar 156.60 160.00
  pound 255.00 259.50
  Euro 216.50 221.50
 
Naira Exchange Rates for August 17, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 156.00 159.00
  pound 255.00 259.00
  Euro 216.00 221.00
Ikeja Dollar 156.60 160.00
  pound 255.00 259.50
  Euro 216.50 221.50
 
Naira Exchange Rates for August 10, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 156.00 160.00
  Pound 255.00 259.00
  Euro 216.00 221.00
Ikeja Dollar 156.56 160.00
  Pound 255.00 259.59
  Euro 216.50 221.50
 
Naira Exchange Rates for August 6, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 155.00 159.00
  Pound 255.00 259.00
  Euro 216.00 221.00
Ikeja Dollar 155.50 159.50
  Pound 255.00 259.00
  Euro 216.50 221.50
 

Quick Update: 1 US Dollar = 158.50 Naira.
Date: Tuesday August 4, 2009.
Source: Darlington in Idumota - Lagos

Quick Update: 1 US Dollar = 160 Naira.
Date: Monday August 3, 2009.
Source: Darlington in Idumota - Lagos
       
Naira Exchange Rates for July 29, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 152.00 155.00
  Pound 250.00 255.00
  Euro 216.00 218.00
Ikeja Dollar 152.50 155.50
  Pound 250.00 255.50
  Euro 216.50 218.50
 
Naira Exchange Rates for July 27, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy  
Lagos Dollar 152.00 155.00
  Pound 250.00 255.00
  Euro 215.00 218.00
Ikeja Dollar 152.50 155.50
  Pound 250.00 255.50
  Euro 216.50 218.50
Naira Exchange Rates for July 24, 2009.
Source: Nigerian Tribune
Location Currency Sell Buy
Lagos Dollar 154.00 158.00
  Pound 260.00 265.00
  Euro 215.00 220.00
Ikeja Dollar 154.50 158.50
  Pound 260.00 265.50
  Euro 215.50 220.50
   
Naira Exchange Rates for July 16, 2009.
Source: Nigerian Tribune.
Location Currency  Sell Buy
Lagos Dollar

153.00

156.00

Pound 260.00 265.00
  Euro

215.00

220.00

 

Ikeja Dollar

153.50

154.50

Pound 260.00 265.00
Euro

215.50

220.50

   

BACKGROUND

What determines Naira Value?  

The Naira Exchange Rate to the US Dollar, British Pound and Euro is a moving target. It varies from day to day and sometimes hour by hour.

Though there is an official rate set by the Central Bank of Nigeria, it is practically meaningless since the average Nigerian stands no chance of getting that rate from the banks.

Therefore the Naira Exchange Rate I will be quoting on this page are the parallel or "black market" rates. Despite the sinister name, the "black market" is quite legal and the traders operate in the open. It is dominated by northerners usually called "Mallam" (an Hausa pre-fix meaning Mister). Thus, you will frequently hear Nigerians say "My Mallam said Dollar is at so and so rate".

Due to their tenacity and ready availability of foreign currencies, their rates are usually much higher than the official rates. For instance, the official Naira exchange rate may be 1 USD = 147 Naira while the "black market" rate may be 1 USD = 157 Naira.

Finally, the Naira Exchange Rate process always involves two different prices - the "sell" and the "buy" prices. The "sell" price refers to what the currency traders will pay in Naira for your foreign currency while the "buy" price refers to what you will pay them in Naira to obtain foreign currency.

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