As of August 22nd, 2023, the dollar to naira exchange rate is 1 USD to 860 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦860, 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 ₦860 and ₦855 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 ₦855 and sold for ₦860.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
855
Selling Rate
860
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
8/21/2023
US DOLLAR
760.79
761.29
761.79
8/21/2023
POUNDS STERLING
968.5617
969.1983
969.8348
8/21/2023
EURO
827.9678
828.5119
829.0561
8/21/2023
SWISS FRANC
863.2588
863.8262
864.3935
8/21/2023
YEN
5.2038
5.2072
5.2106
8/21/2023
CFA
1.2128
1.2228
1.2328
8/21/2023
WAUA
988.3112
988.9608
989.6103
8/21/2023
RIYAL
202.7746
202.9079
203.0411
8/21/2023
DANISH KRONA
111.0821
111.1551
111.2281
8/21/2023
SDR
1011.7746
1012.4396
1013.1045
Investors King understands that although the dollar to naira opened at N860 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, August 22nd, 2023, individuals in the black market purchased one US dollar for N860 and sold it for N855. This shows that the value of the Naira was mixed when compared to Monday, August 21st, 2023 when the local currency was exchanged at N830 to a Dollar and a Dollar was purchased at N860.
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.
Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.
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