adplus-dvertising
National

Naira to Dollar Black Market Exchange Rate Today 27th September 2023 (UPDATED)

Naira to Dollar Black Market Exchange Rate Today 27th September 2023 can be accessed below.

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 (₦)
1 USD990995
2 USD19801990
5 USD49504975
10 USD99009950
15 USD1485014925
20 USD1980019900
25 USD2475024875
50 USD4950049750
100 USD9900099500
500 USD495000497500
1000 USD990000995000
2500 USD24750002487500
5000 USD49500004975000
10000 USD99000009950000

 

Central Bank of Nigeria’s exchange rates for various currencies:

CurrencyAbbreviationRate (Naira to Currency)
CBN Dollar to Naira rateDOLLAR (USD)778.60
CBN Pound to Naira ratePOUND (GBP)948.10
CBN Euro to Naira rateEURO (EUR)824.38
CBN Swiss Franc to Naira rateSWISS FRANC (CHF)852.05
CBN Japanese Yen to Naira rateJAPANESE YEN (JPN)5.23
CBN West African CFA Franc to Naira rateCFA FRANC (XOF)1.23
CBN West African Unit of Account to Naira rateWEST AFRICAN UNIT OF ACCOUNT (WAUA)995.88
CBN Chinese Yuan to Naira rateCHINESE YUAN (CNY)106.49
CBN Saudi Riyal to Naira rateSAUDI RIYAL (SAR)207.55
CBN South African Rand to Naira rateSOUTH 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.

Back to top button