Today (June 18), the Naira Black Market exchange rate for 1 US Dollar is 1480 Naira. This means that you can get 1480 Naira for every 1 Dollar that you exchange. The Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.
Nigeria has delivered currency reforms that make its naira currency about the cheapest in the world according to its real effective exchange rate or REER.
“The naira is 30% undervalued compared to its long-term history,” according to Charlie Robertson, Head of Macro Strategy, FIM Partners UK Ltd. in a note to clients seen by MoneyCentral.
The naira has slumped almost 70% against the dollar since June last year.
The naira’s REER is now below to its 10-year average, meaning it’s undervalued when benchmarked against a basket of other currencies over the long term.
A currency’s REER is the trade-weighted mean exchange rate in relation to a basket of other major currencies, adjusted for inflation.
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