As of August 24th, 2023, the Naira to Dollar exchange rate is 1 USD to 900 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦900, 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 ₦900 and ₦890 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 ₦890 and sold for ₦900.
Exchange Rate of Naira to Dollar in Black Market Today?
Naira to Dollar (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
890
Selling Rate
900
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
8/23/2023
US DOLLAR
754.212
754.712
755.212
8/23/2023
POUNDS STERLING
956.7933
957.4276
958.0619
8/23/2023
EURO
817.9429
818.4852
819.0274
8/23/2023
SWISS FRANC
857.9365
858.5053
859.0741
8/23/2023
YEN
5.2097
5.2132
5.2166
8/23/2023
CFA
1.2344
1.2444
1.2544
8/23/2023
WAUA
1004.6281
1005.2941
1005.9601
8/23/2023
RIYAL
201.0696
201.2029
201.3362
8/23/2023
DANISH KRONA
109.7275
109.8002
109.873
8/23/2023
SDR
1003.8562
1004.5217
1005.1872
Investors King understands that although the Naira to Dollar opened at N900 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 Thursday, August 24th, 2023, individuals in the black market purchased one US dollar for N900 and sold it for N890. This shows that the value of the Naira declined even further when compared to Wednesday, August 23rd, 2023 when the local currency was exchanged at N885 to a Dollar and a Dollar was purchased at N900.
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 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.
