As of September 2nd, 2023, the dollar to naira exchange rate is 1 USD to 920 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦920, Investors King reports.
This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
How much is $1 to Naira in the black market?
This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦920 and ₦915 as of the time of writing today.
What is the current exchange rate of the dollar to naira in the black market today?
According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦920 and sold for ₦915.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate
Today
Buying Rate 915
Selling Rate 920
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date Currency Buying(NGN) Central(NGN) Selling(NGN)
9/1/2023 US DOLLAR 739.99 740.49 740.99
9/1/2023 POUNDS STERLING 934.0894 934.7205 935.3517
9/1/2023 EURO 800.2992 800.8399 801.3807
9/1/2023 SWISS FRANC 836.9034 837.4689 838.0344
9/1/2023 YEN 5.0691 5.0725 5.076
9/1/2023 CFA 1.3265 1.3365 1.3465
9/1/2023 WAUA 1077.7471 1078.4753 1079.2035
9/1/2023 RIYAL 197.2886 197.4219 197.5552
9/1/2023 DANISH KRONA 107.3647 107.4373 107.5098
9/1/2023 SDR 984.2607 984.9257 985.5908
Investors King understands that although the dollar to naira opened at N920 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.
On Saturday, September 2nd, 2023, individuals in the black market purchased one US dollar for N920 and sold it for N915. This shows that the value of the Naira dipped slightly when compared to Friday, September 1st, 2023 when the local currency was exchanged at N918 to a Dollar and a Dollar was purchased at N910.
To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:
Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.
By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.
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