As of August 11th, 2023, the dollar to naira exchange rate is 1 USD to 955 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦945, 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 ₦945 and ₦955 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 ₦945 and sold for ₦955.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
945
Selling Rate
955
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
8/8/2023
US DOLLAR
767.767
768.267
768.767
8/8/2023
POUNDS STERLING
976.139
976.7747
977.4104
8/8/2023
EURO
840.3978
840.9451
841.4924
8/8/2023
SWISS FRANC
875.9464
876.5168
877.0873
8/8/2023
YEN
5.3656
5.3691
5.3726
8/8/2023
CFA
1.2361
1.2461
1.2561
8/8/2023
WAUA
1002.6405
1003.2934
1003.9464
8/8/2023
RIYAL
204.6342
204.7675
204.9007
8/8/2023
DANISH KRONA
112.7775
112.851
112.9244
8/8/2023
SDR
1027.5794
1028.2486
1028.9178
Investors King understands that although the dollar to naira opened at N955 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 Friday, August 11th, 2023, individuals in the black market purchased one US dollar for N955 and sold it for N945. This shows that the value of the Naira declined further when compared to Thursday, August 10th, 2023 when the local currency was exchanged at N907 to a Dollar and a Dollar was purchased at N920.
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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