As of September 27th, 2023, the dollar to naira exchange rate is 1 USD to 1000 NGN at the black market.
This means that for every one US dollar, you can exchange it for ₦1000, 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 DOLLAR TO NAIRA TODAY 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 ₦1000 and ₦995 as of the time of writing 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 ₦1000 and sold for ₦995.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate
Buying Rate 995
Selling Rate 1000
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date Currency Buying(NGN) Central(NGN) Selling(NGN)
9/26/2023 US DOLLAR 777.602 778.102 778.602
9/26/2023 POUNDS STERLING 946.886 947.4948 948.1037
9/26/2023 EURO 823.325 823.8544 824.3838
9/26/2023 SWISS FRANC 850.9543 851.5014 852.0486
9/26/2023 YEN 5.2216 5.225 5.2283
9/26/2023 CFA 1.207 1.217 1.227
9/26/2023 WAUA 994.6011 995.2407 995.8802
9/26/2023 RIYAL 207.2831 207.4164 207.5497
9/26/2023 DANISH KRONA 110.3858 110.4568 110.5278
9/26/2023 SDR 1021.2247 1021.8814 1022.538
Investors King understands that although the dollar to naira opened at N1000 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 Wednesday, September 27th, 2023, individuals in the black market purchased one US dollar for N1000 and sold it for N995. This shows that the value of the Naira declined further when compared to Tuesday, September 26th, 2023 when the local currency was exchanged at N995 to a Dollar and a Dollar was purchased at N990.
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