Dollar to Naira Exchange Rate Today 1st October 2023 – Black Market & CBN Rate.
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 ₦998 and sell it at ₦1003. However, it’s crucial to note that the rate can shift, either upwards or downwards, within hours.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
- Buying Rate: ₦998
- Selling Rate: ₦1,003
CBN Official Dollar to Naira Exchange Rate Today
The Central Bank of Nigeria (CBN) provides the official exchange rate for the dollar to Naira today. As of Sunday 1st October, 2023, the official exchange rate stands at N784.39 according to data published by CBN.
- 1 USD = 782.076 NGN
- 1 Dollar = 782.076 Nigerian Naira
The USD to NGN Rate as of 30th Sep 2023 at 8:30 AM is N998/ N1003
Work Resumes: Deputy Governors Assigned Responsibilities by CBN, to Fix Naira, Forex, Others
The Senate of Nigeria confirmed the appointments of the four deputy governors of the Central Bank of Nigeria (CBN), following which they were entrusted with specific roles and responsibilities.
Earlier, on Tuesday, September 26, Olayemi Michael Cardoso underwent a Senate screening for his nomination as the Governor of the Central Bank of Nigeria (CBN).
After successfully passing their screening alongside Olayemi Cardoso, the deputy governors returned to their duties at the Bank on Friday. According to a BusinessDay report, here are their designated roles:
- Bala Bello is responsible for corporate services.
- Mohammed Sani oversees economic strategy.
- Emem Usoro has taken on the role of deputy governor in charge of operations.
- Philip Ikeazor is responsible for financial system stability (FSS).
The incoming CBN governor is committed to several key priorities, including reducing aggressive development finance, fostering a culture of transparency, compliance, and cooperation, and implementing a zero-tolerance policy for violations of the CBN Act.
To address the ongoing challenges related to the depreciation of the naira, which is impacting the economy significantly, Cardoso has outlined his top objective as finding effective strategies to offset substantial foreign exchange debts.
It’s worth recalling that the Centre for the Promotion of Private Enterprise (CPPE) presented a 10-point agenda for the new management team at the Central Bank of Nigeria (CBN). In a statement by Muda Yusuf, the managing director and CEO of CPPE, the focus areas included:
- Restoring confidence in the foreign exchange market.
- Enhancing the financial system’s depth and efficiency.
- Addressing capital requirements for banks.
- Identifying financing solutions for the fiscal deficit.
- Abandoning the contentious naira redesign policy.
- Managing the length and cost of funds in the banking system.
- Reducing risk concentration in the banking industry.
- Promoting stakeholder engagement and corporate governance.
