As of August 16th, 2023, the dollar to naira exchange rate is 1 USD to 942 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦942, 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 ₦942 and ₦932 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 ₦932 and sold for ₦942.
Dollar To Naira Black Market
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
932
Selling Rate
942
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
8/15/2023
US DOLLAR
784.392
784.892
785.392
8/15/2023
POUNDS STERLING
998.7663
999.403
1000.0396
8/15/2023
EURO
857.968
858.5149
859.0618
8/15/2023
SWISS FRANC
894.7097
895.28
895.8503
8/15/2023
YEN
5.3988
5.4022
5.4057
8/15/2023
CFA
1.233
1.243
1.253
8/15/2023
WAUA
997.0188
997.6544
998.2899
8/15/2023
RIYAL
209.121
209.2543
209.3876
8/15/2023
DANISH KRONA
115.1114
115.1848
115.2581
8/15/2023
SDR
1048.3399
1049.0082
1049.6764
Investors King understands that although the dollar to naira opened at N942 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 16th, 2023, individuals in the black market purchased one US dollar for N942 and sold it for N932. This shows that the value of the Naira dipped slightly when compared to Tuesday, August 15th, 2023 when the local currency was exchanged at N930 to a Dollar and a Dollar was purchased at N940.
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.
