This page provides you with the current exchange rate of the US dollar concerning the Nigerian naira as of September 23, 2023. We consistently update this page with the latest information. As exchange rates can fluctuate rapidly, it’s essential to revisit this page frequently to remain informed about the most recent rates.
Dollar to Naira Black Market Rate 23 September 2023
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Dollar to Naira Black Market 23 September 2023 – Handy Conversion Data Table
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Dollar to Naira Rates News 23 September 2023
The Nigerian currency, the naira, is inching closer to the value of 1,000 per US dollar in local street trading. This situation has arisen due to the central bank’s inadequate supply of dollars to a market currently in a state of panic.
In the capital city, Abuja, currency traders reported selling the dollar for 998 naira on Thursday, as revealed by Yahaya Adamu, a currency trader from the Wuse area of Abuja. Meanwhile, in Lagos, a major city in Nigeria, the rate stands at approximately 990 naira per dollar, as confirmed by Umar Salisu, a rate tracker.
“Dollars are very hard to find right now. It’s almost impossible to buy even $1000,” mentioned Adamu.
The current street exchange rate for the naira is nearly 29% lower than the official rate, which was 770.71 naira per dollar on Wednesday at the FMDQ OTC platform. Initially, these two rates were closely aligned following recent currency reforms announced by the newly elected president, Bola Tinubu. However, they have started diverging as the central bank struggles to provide an adequate supply of dollars.
Throughout this month, the central bank has been relatively inactive in supplying dollars, as reported by market participants. This inactivity has further contributed to the depreciation of the naira, which has fallen from around 900 per dollar at the beginning of September.
The central bank has not yet issued an official statement regarding this situation.
Moreover, it’s not only businesses but also regular citizens who are seeking to purchase dollars, fearing that the naira may continue losing value.
A meeting on rates by the central bank, initially scheduled for September 25-26, has been postponed. Olayemi Cardoso, the new leader of the bank with a background at Citigroup, has not yet been officially confirmed for the position. Additionally, the acting leader and four other high-ranking officials have resigned, creating a gap in decision-making at the bank.