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

UPDATED: Dollar to Naira Black Market Rates – 5 October 2023

Gift Enudi by Gift Enudi
January 11, 2024
in business, Featured, General Information, Headline, News
Reading Time: 3 mins read
Naira Drops to N1,050/$1 in Black Market Today
441
SHARES
Advertisements

UPDATED: Dollar to Naira Black Market Rates – 5 October 2023

Welcome to the latest update on the Dollar to Naira Black Market Exchange Rate for October 5, 2023. At Goldennewsng we strive to provide you with the most up-to-date information on currency exchange rates. Given the volatile nature of currency values, it’s essential to bookmark this page and check back regularly to stay informed about the latest rates.

Dollar to Naira Black Market Exchange Rate Today

As of today, in the Lagos Parallel Market, commonly referred to as the Black Market, here are the prevailing rates:

READ ALSO

Court orders prosecution of auxiliary nurse linked to Mohbad’s death

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts

  • Buying Rate: ₦994
  • Selling Rate: ₦997

This means that you can purchase one US dollar for ₦994 and sell it for ₦997 in the Black Market.

Dollar to Naira Black Market Rates in Tabular Form (2023)

For your convenience, here’s a handy conversion data table:

Dollar ($) Buying (₦) Selling (₦)
1 USD 994 997
2 USD 1988 1994
5 USD 4970 4985
10 USD 9940 9970
15 USD 14910 14955
20 USD 19880 19940
25 USD 24850 24925
50 USD 49700 49850
100 USD 99400 99700
500 USD 497000 498500
1000 USD 994000 997000
2500 USD 2485000 2492500
5000 USD 4970000 4985000
10000 USD 9940000 9970000

Dollar to Naira Rates News for October 2023

Nigeria finds itself grappling with a significant monetary challenge. The Naira, Nigeria’s currency, has experienced a notable decline in its value over recent months.

Just three months ago, the official exchange rate for the Naira stood at N755.27 for every US dollar. Prior to that, it was N769.25 for every US dollar. However, in certain unofficial trading circles where currency transactions occur discreetly, the Naira’s value suffered a more substantial decline, plummeting from N770 for every US dollar to N1000 for every US dollar. This represents a significant 23% depreciation.

Concurrently, Nigeria’s foreign currency reserves have also dwindled, dropping from $34.1 billion to $33.2 billion. This underscores the precarious state of Nigeria’s monetary affairs.

One of the key contributors to this predicament is Nigeria’s insufficient foreign reserves. The institution overseeing Nigeria’s currency, the Central Bank, has attributed this challenge to the substantial debt owed, estimated to be between $6 billion to $10 billion.

Recently, the head of the Central Bank, Yemi Cardoso, addressed this issue, emphasizing the urgency of quantifying the outstanding debt and devising a viable solution. Failure to do so could exacerbate Nigeria’s economic woes.

The devaluation of the Naira has led to a surge in the prices of imported goods, triggering inflation. According to a national report, prices rose by 25.8% in September alone.

Experts are apprehensive about the Naira’s future, foreseeing the possibility of further depreciation in the coming months. They recall the significant loss in value experienced in the previous year. To rectify the situation, the Central Bank may need to adjust the official exchange rate. However, there remains hope. Some experts suggest that paying off the existing debt might help mitigate the Naira’s depreciation. To achieve this, the government may consider borrowing from other countries.

In the absence of corrective measures, some experts predict that the Naira’s value could deteriorate even further by December, particularly as more people seek dollars for holiday expenses and potential emigration in the new year.

In conclusion, Nigeria’s monetary challenges loom large, necessitating prompt and effective solutions to rejuvenate the economy and stabilize the Naira.

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

House Of Reps To Secure Mohbad’s Compensation, Royalties From Music Works

Next Post

Supreme Court Judgement Will Favour Tinubu, Not Atiku Or Peter Obi – APC Chieftain Declares

Related Posts

Court orders prosecution of auxiliary nurse linked to Mohbad’s death

Court orders prosecution of auxiliary nurse linked to Mohbad’s death

Court orders prosecution of auxiliary nurse linked to Mohbad’s death The Coroner’s Court sitting in Ikorodu, Lagos State, has directed...

Read moreDetails

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts

The Nigerian Education Loan Fund (NELFUND) has commenced the disbursement of upkeep allowances to students who have updated their bank...

Read moreDetails

FIRS to Launch Mandatory e-Invoicing System for Businesses with ₦5 Billion Turnover and Above

FIRS to Launch Mandatory e-Invoicing System for Businesses with ₦5 Billion Turnover and Above

The Federal Inland Revenue Service (FIRS) has announced that it will begin full implementation of the National Electronic Invoicing (e-Invoicing)...

Read moreDetails

Green Money Project 2025: How to Apply for FG Youth Agriculture Empowerment Programme

Green Money Projec

Are you a young Nigerian passionate about agriculture or looking to grow a business in agribusiness? The Federal Government has...

Read moreDetails

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

Federal Government has ordered all Nigerian banks to Flag Accounts with Monthly Transactions Over ₦5 million GoldenNewsNg reports that Nigerian...

Read moreDetails

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices

JAMB has Awarded ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices GoldenNewsNg reports that the Joint Admissions and...

Read moreDetails

JAMB Cut Off Mark for Civil Engineering 2025/2026 in Nigerian Universities

JAMB Cut Off Mark for Civil Engineering

JAMB Cut Off Mark for Civil Engineering 2025/2026 in Nigerian Universities    If you’re planning to study Civil Engineering in...

Read moreDetails

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

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts

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
Load More
Next Post
Supreme Court Judgement Will Favour Tinubu, Not Atiku Or Peter Obi – APC Chieftain Declares

Supreme Court Judgement Will Favour Tinubu, Not Atiku Or Peter Obi – APC Chieftain Declares

SEARCH ADS

Latest Posts

Court orders prosecution of auxiliary nurse linked to Mohbad’s death
Crime

Court orders prosecution of auxiliary nurse linked to Mohbad’s death

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts
Education

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts

FIRS to Launch Mandatory e-Invoicing System for Businesses with ₦5 Billion Turnover and Above
business

FIRS to Launch Mandatory e-Invoicing System for Businesses with ₦5 Billion Turnover and Above

Green Money Projec
Headline

Green Money Project 2025: How to Apply for FG Youth Agriculture Empowerment Programme

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million
business

FG Orders Banks to Flag Accounts with Monthly Transactions Over ₦5 Million

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices
Education

JAMB Awards ₦710 Million to Six Tertiary Institutions for Outstanding Admission Practices

JAMB Cut Off Mark for Civil Engineering
Education

JAMB Cut Off Mark for Civil Engineering 2025/2026 in Nigerian Universities

NELFUND Begins Disbursement of Upkeep Payments to Students with Updated Bank Accounts
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

© 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