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:
- 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 (₦)|
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.