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DOLLAR TO NAIRA BLACK MARKET EXCHANGE RATE TODAY – 4TH OCTOBER 2023

Enudi Golden by Enudi Golden
January 11, 2024
in business, Headline
Reading Time: 3 mins read
Black Market Dollar To Naira Today November 2023
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DOLLAR TO NAIRA BLACK MARKET EXCHANGE RATE TODAY  4TH OCTOBER 2023 can be accessed below.

GoldenNewsNg has obtained the official Dollar to Naira black market exchange rate in Nigeria today, along with the Black Market rates, Bureau De Change (BDC), and CBN rates. Please keep in mind that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of the latest update on the dollar to naira, you can purchase 1 dollar at ₦995 and sell it at ₦1000. However, it’s crucial to note that the rate can shift, either upwards or downwards, within hours.

Today’s Dollar to Niara Exchange Rates

As of October 4, 2023, in the Lagos Parallel Market, commonly referred to as the Black Market, the exchange rates are as follows:

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  • Buying Rate: 1 USD = 995 NGN
  • Selling Rate: 1 USD = 1000 NGN

 

Dollar to Naira Conversion Table

For your convenience, we’ve compiled a handy conversion table that showcases the exchange rates for different amounts of US Dollars:

Dollar ($) Buying (₦) Selling (₦)
1 USD 995 1000
2 USD 1990 2000
5 USD 4975 5000
10 USD 9950 10000
15 USD 14925 15000
20 USD 19900 20000
25 USD 24875 25000
50 USD 49750 50000
100 USD 99500 100000
500 USD 497500 500000
1000 USD 995000 1000000
2500 USD 2487500 2500000
5000 USD 4975000 5000000
10000 USD 9950000 10000000

 

CBN Announces Dollar Inflow Into Nigeria Rises to $10bn in 2 Months, Gives Breakdown

The Central Bank of Nigeria (CBN) has reported a significant increase in foreign exchange inflows within a span of just two months. These inflows come from various sources, including crude oil sales, government revenues, banks, and international payment companies, among others.

According to the latest economic report on foreign exchange flows released by the CBN, Nigeria witnessed a substantial influx of $10.7 billion in aggregate foreign exchange in April and May of 2023. This represents a noteworthy surge in foreign exchange activity in the country.

The report highlights the following key findings:

  • In May, the net foreign exchange inflow reached $3.59 billion, a notable increase from the $2.02 billion recorded in the preceding month.
  • The total foreign exchange inflow into the economy experienced a substantial growth of 29.1 percent, amounting to $6.03 billion, compared to $4.67 billion in the previous month.
  • Conversely, foreign exchange outflows saw a decline of 8.2 percent, decreasing to $2.44 billion from the $2.65 billion reported in the previous month.

The CBN further noted that foreign exchange inflows through the Bank decreased by 27.9 percent to $1.70 billion, down from the $2.36 billion recorded in April. Meanwhile, foreign exchange outflows through the Bank also decreased by 15.2 percent to $2.03 billion, down from $2.39 billion in April. Consequently, the CBN reported a net outflow of $0.33 billion, in contrast to a net outflow of $0.03 billion in the preceding month.

The report additionally revealed that autonomous inflows surged by 87.2 percent to $4.33 billion, up from $2.31 billion in the previous month. Autonomous outflows also increased to $0.41 billion from $0.26 billion in April. Consequently, a net inflow of $3.92 billion was recorded, compared to $2.05 billion in April.

This data underscores the robust performance of the autonomous foreign exchange market, which includes recognized trading segments such as the Inter-bank market and the I&E FX window. Overall, the report highlights the resilience and growth in foreign exchange activities within the Nigerian economy, with significant contributions from various sources.

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