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Find Out How Much a Dollar is Worth in Naira on the Black Market – September 28, 2023



No More N1K/$: Naira's New Exchange Rates to Dollar Showcase CBN's Solution Working

On the 27th of September, 2023, like every other day across Nigeria, the black-market foreign exchange was active. The black market, an informal and largely unregulated network of currency traders, plays a necessary role in the Nigerian economy, which is why the Dollar to Naira exchange rate is a significant daily concern for many. This article focuses on providing definitive data on the Dollar to Naira exchange rate from this specific day.

Find Out How Much a Dollar is Worth in Naira on the Black Market – September 28, 2023 can be accessed below:

Wothappen has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at ₦995 and sell it at ₦1,000, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

Latest Dollar to Naira Exchange Rate on the Black Market Today - September 23rd, 2023Black Market Dollar To Naira Exchange Rate Today

What is the Dollar to Naira Today Black Market Rate?

The local currency (abokiFx) opened at ₦1,000.00 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.

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate₦995
Selling Rate₦1,000

CBN official dollar to naira exchange rate today

The CBN Dollar to naira exchange rate today: The exchange rate for a dollar to naira at the official window is N784.39  as of Wednesday, 27 September 2023, according to the data published by CBN.

1 USD = 782.076 NGN
1 Dollars = 782.076 Nigerian Naira
The USDNGN rate as of 27 Sep 2023 at 6:30 AM

Factors Influencing Foreign Exchange Rates

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: WOTHAPPEN 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.

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