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 27, 2023, we’ve gathered comprehensive information on the Naira to Dollar 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.
What is the Dollar to Naira Today Black Market Rate?
The local currency (abokiFx) opened at ₦1,000 per $1 at the parallel market otherwise known as the black market, today, Wednesday, September 27, 2023, in Lagos Nigeria, after it closed at ₦995.00 per $1 on Tuesday, September 26, 2023.
Detailed Table of Dollar to Naira Black Market Rates – September 26, 2023 ($1 to $10,000)
On September 26, 2023, sources from Bureau De Change (BDC) confirmed the following exchange rates for the USD to Naira in the Lagos Black Market:
|Dollar ($)||Buying (₦)||Selling (₦)|
Central Bank of Nigeria’s exchange rates for various currencies:
|Currency||Abbreviation||Rate (Naira to Currency)|
|CBN Dollar to Naira rate||DOLLAR (USD)||778.60|
|CBN Pound to Naira rate||POUND (GBP)||948.10|
|CBN Euro to Naira rate||EURO (EUR)||824.38|
|CBN Swiss Franc to Naira rate||SWISS FRANC (CHF)||852.05|
|CBN Japanese Yen to Naira rate||JAPANESE YEN (JPN)||5.23|
|CBN West African CFA Franc to Naira rate||CFA FRANC (XOF)||1.23|
|CBN West African Unit of Account to Naira rate||WEST AFRICAN UNIT OF ACCOUNT (WAUA)||995.88|
|CBN Chinese Yuan to Naira rate||CHINESE YUAN (CNY)||106.49|
|CBN Saudi Riyal to Naira rate||SAUDI RIYAL (SAR)||207.55|
|CBN South African Rand to Naira rate||SOUTH AFRICAN RAND (ZAR)||40.94|
Here are some of the causes of the dwindling dollar-to-naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Disclaimer: GoldenNewsNg does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.