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Latest Dollar to Naira Black Market Exchange Rate on September 13, 2023



Latest Dollar to Naira Black Market Exchange Rate on September 13, 2023

Get the latest black market exchange rate for the US Dollar to the Nigerian Naira: N925 for purchases and N930 for sales on September 13, 2023. Find out more on our blog!

This page provides a rich stream of information, consistently updated to reflect the most recent black market exchange rates between the mighty US dollar and the influential Nigerian naira on this present day of September 13, 2023. As the dynamic dance of trading continually churns, and rates oscillate with a rapidity that mirrors the vivacious pulse of markets, we implore you to regularly check back here – a reliable oasis of fresh, accurate data in the vast desert of the internet. 

As of this moment, the black market, in the energetic hub of Lagos’s Parallel Market – a setting often steeped in the thick suspense of swift transactions and hasty negotiations – has its exchange rate for dollar to naira strikingly engraved at N925 for purchases and N930 for sales. Do bear this in mind as you tread the fascinating but often tumultuous terrain of currency exchange.

Dollar to Naira Black Market Rate Today
Buying RateN925
Selling RateN930

Dollars to Naira 13 September 2023 Black Market – Handy Conversion Data Table

Dollar ($)Buying (₦) Selling (₦)
1 USD925930
2 USD18501860
5 USD46254650
10 USD92509300
15 USD1387513950
20 USD1850018600
25 USD2312523250
50 USD4625046500
100 USD9250093000
500 USD462500465000
1000 USD925000930000
2500 USD23125002325000
5000 USD46250004650000
10000 USD92500009300000

Naira to Dollar Black Market 13 Sep 2023 Handy Conversion Data Table

Dollar (₦)Buying ($) Selling ($)
1 Naira0.00110.0011
2 Naira0.00220.0022
5 Naira0.00540.0054
10 Naira0.01080.0108
15 Naira0.01620.0161
20 Naira0.02160.0215
25 Naira0.02700.0269
50 Naira0.05410.0538
100 Naira0.10810.1075
500 Naira0.54050.5376
1000 Naira1.08111.0753
2500 Naira2.70272.6882
5000 Naira5.40545.3763
10000 Naira10.810810.7527

Dollar to Naira Rates News

In the face of a burgeoning crisis, Nigeria grapples with the spiraling depreciation of its local currency, the Naira, particularly against the US Dollar in the parallel market. A sense of uneasiness gnaws at a considerable chunk of Nigeria’s population, who find themselves questioning the efficacy of the measures in place to staunch the Naira’s bleeding. Complicating the situation, the financial policies steered by President Bola Tinubu hitherto have seemingly done little to curb the ebbing tide. 

Pervading the Nigerian economy, the unrestrained ascendency of the Dollar casts a long shadow over the beleaguered Naira, which reels under the effects of its downtrend. There is a clarion call for inventive remedies, for the present strategies, in their deficiency, only serve to stoke the flames of uncertainty, igniting waves of distress and apprehension among an increasingly disquieted Nigerian citizenry. 

For a segment of the populace, adaptation to this turbulent economic clime has been a saving grace, however, for a significant majority, the battle is represented in the dichotomy of the strengthening Dollar and the weakening Naira, which is keenly felt in the foreign exchange sector. The government, in a bid to usher in transformation, is facing an uphill task as changes are slow to manifest on the ground, casting a further shadow over already dented hopes. 

A contributory factor to the exacerbation of Nigeria’s economic malaise is the nation’s heavy leaning on imports, a dependency that is not counterbalanced by robust exports, thus straining the economy. The escalated reliance on imported goods necessitates the employment of Dollars, thereby taking its toll on local businesses and, consequently, causing ripples across the full breadth of the economy. Further compounding the crisis, the black market’s unfavorable exchange rates deepen the financial hole into which individuals sink when exchanging Naira for Dollars. 

At the heart of the disparity lies an insatiable demand for Dollars that stretches beyond the confinements of the available supply. Further entangling the web of complexity is the hoarding of limited foreign currency resources in the hands of few, constraining capital circulation and deepening the socio-economic conundrum. 

Recent global economic shifts have seen a pivot away from the Dollar by BRICS nations in their international transactions. As such, it becomes increasingly imperative for Nigeria to ingeniously strategize its navigation of these economic rapids. Efforts to merge exchange platforms, though commendable, have yielded but minimal impact on the market. It is undeniably clear that the road to unearthing a tenable solution is fraught with considerable challenges. As Nigeria trudges forward in its quest for currency stability, it is apparent that a more nuanced, concerted effort is imperative.

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