Dollar to Naira Black Market Today August 9th, 2023
As of August 9th, 2023, the dollar to naira exchange rate is 1 USD to 902 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦902, Investors King reports.
As of August 9th, 2023, the dollar to naira exchange rate is 1 USD to 902 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦902, Investors King reports.
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 ₦895 and ₦902 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 ₦895 and sold for ₦902.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
902
Selling Rate
895
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
8/7/2023
US DOLLAR
761.444
761.944
762.444
8/7/2023
POUNDS STERLING
971.7548
972.3929
973.031
8/7/2023
EURO
837.4361
837.986
838.5359
8/7/2023
YEN
5.354
5.3575
5.361
8/7/2023
WAUA
1001.5209
1002.1786
1002.8362
8/7/2023
RIYAL
202.9651
203.0984
203.2317
8/7/2023
DANISH KRONA
112.3604
112.4342
112.508
8/7/2023
SDR
1017.9745
1018.6429
1019.3114
8/7/2023
YUAN/RENMINBI
105.8885
105.958
106.0275
8/7/2023
SOUTH AFRICAN RAND
40.6967
40.7235
40.7502
Investors King understands that although the dollar to naira opened at N902 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, August 9th, 2023, individuals in the black market purchased one US dollar for N902 and sold it for N895. This shows that the value of the Naira declined further when compared to Tuesday, August 8th, 2023 when the local currency was exchanged at N888 to a Dollar and a Dollar was purchased at N895.
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.
