Dollar to Naira Exchange Rate in Nigeria Today 15th March 2023 – The official exchange rate today , including parallel market popularly known as black market rate can be accessed below.
The Dollar to Naira exchange rate in Nigeria today is a crucial topic for anyone who wants to do business or travel to Nigeria. As of today 16th March 2023, the official exchange rate is approximately 1 USD to 460NGN, while the parallel market rate is around 1 USD to 745 NGN.
The exchange rate between the US dollar and the Nigerian naira is important because it affects the purchasing power of Nigerians and foreign businesses operating in the country. The current exchange rate is heavily influenced by several factors, including Nigeria’s economic performance, inflation rate, and global oil prices.
For businesses looking to invest in Nigeria, it’s important to monitor the exchange rate to ensure that they can maximize their profits while minimizing their costs. The current exchange rate may also affect the prices of imported goods and services, which can have a significant impact on the cost of living in Nigeria.
The black market dollar to naira exchange rate in Nigeria today is a subject of much interest to those who engage in international trade, travel, and business transactions in Nigeria. As of today 15th march 2023, the black market exchange rate is around 1 USD to 745 NGN.
The black market exchange rate is different from the official exchange rate because it is determined by supply and demand in the informal foreign exchange market. This means that the exchange rate may be higher or lower than the official rate depending on market conditions.
The black market exchange rate is often affected by factors such as the availability of foreign exchange, inflation, government policies, and global economic trends. It is important to note that engaging in transactions at the black market exchange rate is illegal and carries a high level of risk.
