As of October 24, 2023, the black market exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1235 NGN, as reported by Investors King, a reputable digital business news platform.
Investors King has gathered comprehensive information regarding the current exchange rates in Nigeria, encompassing not only the black market rates but also the Bureau De Change (BDC) rates and the rates set by the Central Bank of Nigeria (CBN).
The exchange rate for the US dollar in the black market is currently at ₦1235 for buying and ₦1225 for selling, as of the time of this report.
This exchange rate, operating in the parallel market, remains subject to fluctuations influenced by global economic dynamics, political developments, and market shifts. However, as of this report, you can purchase one US dollar for ₦1235 or sell it for ₦1225.
According to Investors King, at the time of this report, the Lagos parallel market offers the US dollar for ₦1235 for buying and ₦1225 for selling.
For your reference, here are the latest exchange rates in the black market:
- Dollar to Naira (USD to NGN)
- Buying Rate: ₦1225
- Selling Rate: ₦1235
The Central Bank of Nigeria (CBN) sets exchange rates for banks as follows:
| Date |
Currency |
Buying (NGN) |
Central (NGN) |
Selling (NGN) |
| 10/23/2023 |
US DOLLAR |
794.926 |
795.426 |
795.926 |
| 10/23/2023 |
POUNDS STERLING |
968.1404 |
968.7493 |
969.3583 |
| 10/23/2023 |
EURO |
843.4165 |
843.947 |
844.4775 |
| 10/23/2023 |
SWISS FRANC |
889.0795 |
889.6387 |
890.198 |
| 10/23/2023 |
YEN |
5.3013 |
5.3046 |
5.3079 |
| 10/23/2023 |
CFA |
1.3235 |
1.3335 |
1.3435 |
| 10/23/2023 |
WAUA |
1089.8743 |
1090.5598 |
1091.2453 |
| 10/23/2023 |
RIYAL |
211.9068 |
212.0401 |
212.1734 |
| 10/23/2023 |
DANISH KRONA |
112.9798 |
113.0509 |
113.1219 |
| 10/23/2023 |
SDR |
1042.5454 |
1043.2012 |
1043.8569 |
It’s worth noting that while the black market reported an opening rate of ₦1235 per $1, the Central Bank of Nigeria (CBN) does not recognize this parallel market and advises individuals seeking forex to approach their banks. The CBN designates the I&E window as the sole legitimate exchange platform.
Comparing today’s black market rates to Monday, October 23, 2023, the Naira’s value has depreciated, with the local currency being exchanged at ₦1200 to a Dollar on Monday, while the Dollar was purchased at ₦1180.
To keep yourself updated on the dollar-to-naira exchange rate, you can follow these reliable sources:
- Check the Central Bank of Nigeria’s website for official updates on exchange rates.
- Stay tuned to financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC for regular global currency market updates.
- Utilize online currency converters to swiftly check the exchange rate between the dollar and the naira.
- Follow the social media accounts of financial experts, analysts, economists, and financial advisors to gain insights into the latest currency market trends.
Being well-informed about the dollar-to-naira exchange rate is crucial for making informed decisions when dealing with foreign currencies, whether you’re a business owner engaged in foreign trade or an individual interested in currency market investments. Stay vigilant, and stay up-to-date with the latest developments in the global currency markets.