Black Market Exchange Rate On October 2023

Dollar To Naira Black Market Exchange Rate October 2023

This website offers real-time updates on the exchange rate between the US dollar (USD) and the Nigerian naira (NGN) in the black market for October 2023. Currency values can fluctuate rapidly, so keep this page bookmarked to stay updated on the latest exchange rates.

Today’s Black Market Exchange Rates

As of today, in the Lagos Parallel Market, commonly referred to as the Black Market, the exchange rate stands as follows:

• Buying Rate: N1000 NGN for 1 USD
• Selling Rate: N1008 NGN for 1 USD

Dollars to Naira Black Market 2023 – Convenient Conversion Table

Here’s a handy conversion table that showcases the exchange rates for different amounts of US dollars:

Dollar to Naira Rates News October 2023

Naira’s Value Decline

The Nigerian naira experienced a drop in its value in the market recently. Just yesterday, the naira was valued at N1000 for every US dollar in the unofficial market, a slight decrease from Thursday’s rate of N998 per dollar. Additionally, in the Investors and Exporters (I&E) market, the naira depreciated to N775.31 per dollar. Data reveals that the I&E market rate increased from N755.08 per dollar on Tuesday, indicating a significant drop in the naira’s value by N20.23.

Challenges for Nigeria’s Economy

When Nigeria’s President, Bola Tinubu, assumed office in May, there were high hopes for improvements in the business and economy sectors. However, recent developments suggest that some of his economic strategies may not be yielding the desired results. The naira’s decline in value in the unofficial market has raised concerns, particularly due to the substantial disparity between the official and unofficial exchange rates. Additionally, despite a more than 30% increase in oil prices, the price of petrol has remained unchanged. These developments have left some Nigerians worried about the effectiveness of President Tinubu’s economic policies.

Experts like David Omojomolo have expressed their concerns, noting that Nigeria seems to be regressing economically. The rising cost of living has left many citizens discontented, and workers are contemplating strikes due to the increasing expenses. Another expert, Patrick Curran, has stated that people are gradually losing confidence in President Tinubu’s economic reforms.

Dollar Challenges in Nigeria

For an extended period, Nigeria has maintained a controlled currency exchange rate system. However, this approach has posed challenges for businesses and investors seeking access to US dollars. President Tinubu has made efforts to address this issue, yet a significant gap persists between the official and unofficial exchange rates. Acquiring US dollars remains a challenge, and the central bank faces numerous requests for foreign currency that it struggles to fulfill.

One major hindrance is the reluctance of investors to invest in Nigeria, exacerbated by lingering financial issues from the previous government. For instance, Nigeria’s foreign reserves are not as substantial as previously believed.

Fuel Supply Issues

Nigeria grapples with fuel supply challenges. Despite being a major oil producer, the country struggles to produce sufficient petrol for its population. As a result, Nigeria imports petrol from other nations using its oil reserves, which depletes its foreign currency reserves. To align with global prices, the price of petrol in Nigeria would need to increase by 73%.

Experts are increasingly skeptical about President Tinubu’s ability to enact the necessary reforms to address these challenges. Omojomolo has suggested that if the situation worsens, the government might reconsider its reform strategies.