GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

Dollar to Naira Black Market Rate Today 18 September 2023

Enudi Golden by Enudi Golden
January 11, 2024
in business, Headline, News
Reading Time: 4 mins read
Dollar to Naira Black Market Rate Today 20 September 2023
3.4k
SHARES
Advertisements

Dollar to Naira Black Market Rate Today 18 September 2023 can be accessed below.

In today’s ever-changing financial landscape, staying updated on currency exchange rates is paramount for individuals and businesses alike. The Dollar to Naira exchange rate is a critical indicator for many, given the economic ties between the United States and Nigeria. As of September 18, 2023, we’ve gathered comprehensive information on the Dollar to Naira rates, including Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates. In this article, we’ll delve into the intricacies of these rates and provide you with valuable insights.

1. Current Dollar to Naira Black Market Rates

Let’s begin by addressing the most pressing question on everyone’s mind – what is the current exchange rate for Dollar to Naira in the Black Market? As of today 18 September 2023, the Dollar to Naira Black Market rate stands at ₦955 for buying and ₦960 for selling. However, it’s crucial to acknowledge the volatility of the Black Market rates, which can fluctuate rapidly within hours.

READ ALSO

NELFUND Begins Disbursement of Funds to Students in Saapade, MAPOLY, and LASUED

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities

1.1. Black Market Rates – September 18, 2023

On September 18, 2023, sources from Bureau De Change (BDC) confirmed the following exchange rates for the US Dollar to the Nigerian Naira in the Lagos Black Market:

Dollar ($) Buying (₦) Selling (₦)
1 USD 955 960
2 USD 1910 1920
5 USD 4775 4800
10 USD 9550 9600
15 USD 14325 14400
20 USD 19100 19200
25 USD 23875 24000
50 USD 47750 48000
100 USD 95500 96000
500 USD 477500 480000
1000 USD 955000 960000
2500 USD 2387500 2400000
5000 USD 4775000 4800000
10000 USD 9550000 9600000

Please note that exchange rates can fluctuate frequently, and these rates are for reference purposes based on the provided values of 955 for buying and 960 for selling. Actual rates in the Lagos Black Market may vary at the time of exchange

1.2. CBN Official Rates – September 18, 2023

The Central Bank of Nigeria (CBN) also plays a pivotal role in determining exchange rates. On September 18,  2023, the CBN’s official rates for the US Dollar to the Nigerian Naira were as follows:

Dollar ($) Buying (₦) Selling (₦)
1 USD 753.862 754.862
2 USD 1507.724 1509.724
5 USD 3769.31 3774.31
10 USD 7538.62 7548.62
15 USD 11307.93 11322.93
20 USD 15077.24 15097.24
25 USD 18846.55 18871.55
50 USD 37693.1 37743.1
100 USD 75386.2 75486.2
500 USD 376931 377431
1000 USD 753862 754862
2500 USD 1884655 1887155
5000 USD 3769310 3774310
10000 USD 7538620 7548620

2. Understanding the Fluctuations

Now that we have a clear picture of the current exchange rates, let’s delve into the factors that contribute to the fluctuations in these rates.

2.1. Economic Factors

The Dollar to Naira exchange rate is heavily influenced by economic conditions. Factors such as inflation, trade balances, and foreign investment can all impact the value of the Naira against the Dollar.

2.2. Political Stability

Political stability is another significant determinant. Political events, elections, and government policies can create uncertainty, causing fluctuations in the exchange rate.

2.3. Market Sentiment

Investor sentiment and market speculation can lead to short-term volatility in exchange rates. Traders’ perceptions of future economic conditions play a crucial role.

3. Managing Currency Exchange Risk

Given the volatility in exchange rates, it’s essential for businesses engaged in international trade to manage currency exchange risk effectively. Hedging strategies, such as forward contracts and options, can help mitigate the impact of adverse rate movements.

4. Conclusion

In conclusion, the Dollar to Naira exchange rates in Nigeria are subject to constant change. Staying informed about the latest rates and understanding the underlying factors that drive these fluctuations is essential for making informed financial decisions.


Frequently Asked Questions (FAQs)

1. What is the Black Market exchange rate for the Dollar to Naira today?

As of September 18, 2023, the Black Market rate for the US Dollar to the Nigerian Naira is ₦955 for buying and ₦960 for selling.

2. Why do exchange rates fluctuate so frequently?

Exchange rates are influenced by various economic, political, and market factors. These factors can change rapidly, leading to frequent fluctuations in exchange rates.

3. How can businesses protect themselves from currency exchange risk?

Businesses can use hedging strategies, such as forward contracts and options, to mitigate the impact of adverse currency exchange rate movements.

4. What role does the Central Bank of Nigeria (CBN) play in determining exchange rates?

The CBN sets official exchange rates, which can influence market rates to some extent. However, market forces also play a significant role in determining exchange rates.

5. Where can I get the most up-to-date exchange rate information?

You can obtain the latest exchange rate information from GoldenNewsNg.com, banks, Bureau De Change (BDC) offices, and online currency converters.

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Tinubu’s Minister Apologises For Threatening UNICAL Female Student

Next Post

Latest NPower News Today 18 September 2023

Related Posts

NELFUND Begins Disbursement of Funds to Students in Saapade, MAPOLY, and LASUED

NELFUND Begins Disbursement of Funds

NELFUND Begins Disbursement of Funds to Students in Saapade, MAPOLY, and LASUED GoldenNewsNg reports that the Federal Government has announced...

Read moreDetails

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities

Official JAMB Cut Off mark for Medicine and Surgery 2025/2026   If you’re planning to study Medicine and Surgery in...

Read moreDetails

Official JAMB Cut Off Mark For Computer Science 2025/2026: Requirements And Admission Tips

JAMB Cut Off Mark For Computer Science

JAMB Cut Off Mark For Computer Science 2025: Requirements And Admission Tips   Are you aiming to study Computer Science...

Read moreDetails

Official JAMB Cut-Off Mark for Law in Nigerian Universities 2025

Official JAMB Cut-Off Mark for Law in Nigerian Universities 2025

JAMB Cut Off Mark For Law in Nigerian Universities 2025 Are you planning to study Law in a Nigerian university...

Read moreDetails

Official JAMB Cut-off Marks for 2025 Admissions Released

Official JAMB Cut-off Marks for 2025 Admissions Released

JAMB has officially released the Cut-off Marks for 2025 Admissions  GoldenNewsNg reports that JAMB has announced 2025/2026 academic session admission...

Read moreDetails

YEIDEP Disbursement News Today July 8th 2025

YEIDEP Disbursement News Today July 8th 2025

This is the latest YEIDEP Disbursement News Today, July 8th, 2025 The Federal Ministry of Youth Development (FMYD) has released...

Read moreDetails

Apply Now: 2025 FG Technical Teachers Training (Fully Funded)

Apply Now: 2025 FG Technical Teachers Training (Fully Funded)

If you’re a teacher in the technical or vocational space and looking to upgrade your skills without paying a dime,...

Read moreDetails

Africa Impact Fundraising (AIF) Grant Program 2025 – Up to $5,000 Matching Funds + Training Opportunities

Africa Impact Fundraising (AIF) Grant Program 2025 – Up to $5,000 Matching Funds + Training Opportunities

The Africa Impact Fundraising (AIF) Grant Program is a new initiative launched by the New Africa Fund to empower African...

Read moreDetails

FG Empowers 10,000 Women with ₦100,000 Inventory Loans Through CrediCorp – See How to Apply 

CrediCorp Market Women Low Interest Loan

In a bid to deepen financial inclusion within Nigeria’s informal sector, the Nigerian Consumer Credit Corporation (CrediCorp), in collaboration with...

Read moreDetails

Top 15 Most Expensive Hotels in Nigeria and their Location (2025 Updated Guide)

most expensive hotels in Nigeria,

Nigeria’s hospitality industry has witnessed remarkable growth in recent years, with a surge in modern hotel infrastructure and global-standard service...

Read moreDetails
Load More
Next Post
NPower Batch C News, NASIMS Payment Update, and NPower Revalidation News

Latest NPower News Today 18 September 2023

SEARCH ADS

Latest Posts

NELFUND Begins Disbursement of Funds
Education

NELFUND Begins Disbursement of Funds to Students in Saapade, MAPOLY, and LASUED

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities
Education

Official JAMB Cut Off Mark for Medicine and Surgery 2025/2026 In Nigerian Universities

JAMB Cut Off Mark For Computer Science
Daily Guides

Official JAMB Cut Off Mark For Computer Science 2025/2026: Requirements And Admission Tips

Official JAMB Cut-Off Mark for Law in Nigerian Universities 2025
Education

Official JAMB Cut-Off Mark for Law in Nigerian Universities 2025

Official JAMB Cut-off Marks for 2025 Admissions Released
Education

Official JAMB Cut-off Marks for 2025 Admissions Released

YEIDEP Disbursement News Today July 8th 2025
Headline

YEIDEP Disbursement News Today July 8th 2025

Apply Now: 2025 FG Technical Teachers Training (Fully Funded)
Headline

Apply Now: 2025 FG Technical Teachers Training (Fully Funded)

Africa Impact Fundraising (AIF) Grant Program 2025 – Up to $5,000 Matching Funds + Training Opportunities
business

Africa Impact Fundraising (AIF) Grant Program 2025 – Up to $5,000 Matching Funds + Training Opportunities

CDCFIB Issues Fresh Update on Recruitment Portal Opening
Jobs

CDCFIB Issues Fresh Update on Recruitment Portal Opening

CrediCorp Market Women Low Interest Loan
business

FG Empowers 10,000 Women with ₦100,000 Inventory Loans Through CrediCorp – See How to Apply 

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News