As of March 21, 2023, the dollar to naira exchange rate is 1 USD to 753 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦753, 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.

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 ₦748 and ₦753 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 N748 and sold for N753.

Investors King understands that although the dollar to naira opened at N753 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 Tuesday, March 21st, 2023, individuals in the black market purchased one US dollar for N748 and sold it for N753. This shows that the value of the Naira has improved slightly to Wednesday, March 15th, 2023, when the local currency was exchanged at N750 and sold it for N754.

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.

As of March 16, 2023, the dollar to naira exchange rate is 1 USD to 754 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦754, 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.

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 ₦750 and ₦754 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 N750 and sold for N754.

Investors King understands that although the dollar to naira opened at N755 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 Thursday, March 15th, 2023, individuals in the black market purchased one US dollar for N750 and sold it for N754. This follows their actions on Wednesday, March 15th, 2023, when they purchased one US dollar for N750 and sold it for N754.

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.

The Nigerian Naira has been on a steady decline against the US dollar, with a 3.8% decrease in value in the past month alone. This decline has been attributed to a cash crunch in the country and heightened uncertainty.

According to Bismarck Rewane, managing director and CEO of Financial Derivatives Company Limited, the official exchange rate remains overvalued, and sources of foreign exchange remain weak due to sub-optimal oil production, capital flow reversal, and exchange rate premiums at the parallel market.

The exchange rate at the Investors and Exporters (I&E) forex window steadied at N462/$ in January and February, while the official exchange rate remains overvalued compared to N750 recorded at the parallel market. This has made exchange rate management crucial for boosting growth in Nigeria.

However, there is no clear indication from the incoming administration on what exchange rate regime it prefers.

Commenting on the nation’s exchange rate, Chinwe Egwim, chief economist and head of economic research at Coronation Merchant Bank, said it is unclear if president-elect, Bola Ahmed Tinubu’s administration would prefer a floating exchange rate regime, but the manifesto states that “the exchange rate cannot be ignored nor left to the whims of the market”.

She said, “healthy accretion in external reserves should be recorded by the end of 2024 which would support foreign exchange liquidity and give the Central Bank of Nigeria more room to defend the naira.”

Most experts however believed the solution to the falling Naira is to unify the rates at the parallel and official markets as Egypt did in 2016. Although this led to a sharp rise in the inflation rate by 30%, it was complemented by tight monetary and fiscal policies to reduce liquidity build-up, and reserves accrued to $45 billion in 2019.

Others explained that another solution would for the country to up crude oil production in order to improve foreign revenue generation needed to prop up the value of the local currency by meeting demands of the dollar at the official rate.

Investors King reported that Nigeria’s crude oil output stood at 1.3 million barrels per day in February while OPEC’s quota for Africa’s largest producer remains at 1.8 million barrels per day. Indicating that Nigeria is producing 500,000 barrels per day below its quota.