As of August 3rd, 2023, the Naira to dollar exchange rate is 1 USD to 875 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦875, Investors King reports.
As of August 3rd, 2023, the Naira to dollar exchange rate is 1 USD to 875 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦875, 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 ₦870 and ₦875 as of the time of writing today.
What is the current exchange rate of the naira to dollar 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 ₦870 and sold for ₦875.
Exchange Rate of Naira to Dollar in Black Market Today?
Naira to Dollar (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
875
Selling Rate
870
Central Bank of Nigeria (CBN) Naira Exchange Rates for banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
8/1/2023
US DOLLAR
774.855
775.355
775.855
8/1/2023
POUNDS STERLING
989.4123
990.0508
990.6892
8/1/2023
EURO
850.0159
850.5644
851.1129
8/1/2023
SWISS FRANC
883.6298
884.2
884.7702
8/1/2023
YEN
5.4053
5.4088
5.4123
8/1/2023
CFA
1.2561
1.2661
1.2761
8/1/2023
WAUA
1018.5087
1019.166
1019.8232
8/1/2023
RIYAL
206.5013
206.6346
206.7678
8/1/2023
DANISH KRONA
114.0096
114.0832
114.1568
8/1/2023
SDR
1040.5528
1041.2242
1041.8957
Investors King understands that although the naira to dollar opened at N875 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 2nd, 2023, individuals in the black market purchased one US dollar for N875 and sold it for N870. This shows that the value of the Naira declined when compared to Wednesday, August 2nd, 2023 when the local currency was exchanged at N863 to a Dollar and a Dollar was purchased at N868.
To stay informed about the naira to dollar 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 naira to dollar 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.
