Dollar To Naira Black Market Exchange Rate Tuesday, 1 September 2023
Check the current rate of US Dollar to Nigerian Naira in the Black Market, as of September 1, 2023. It’s important to know that this rate can change every hour because of how many dollars are being bought and sold in the market. So, it’s very important to stay informed and keep checking for updates
Dollar to Naira 1 September 2023 Black Market Rate
On 1st September 2023, Bureau De Change (BDC) sources confirmed that the current exchange rate for dollar to naira at the Lagos Parallel Market, also known as the Black Market, is set at N910 for buying and N918 for selling.
Dollars to Naira Black Market 1st September 2023 – Handy Conversion Data Table
|Dollar ($)||Buying (₦)||Selling (₦)|
Naira to Dollar Black Market 1st September 2023 – Handy Conversion Data Table
|Dollar (₦)||Buying ($)||Selling ($)|
Dollar to Naira Rates News 1/09/2023
The Naira experienced a significant increase in value against the dollar at the Investors and Exporters (I&E) forex window on Wednesday, appreciating by 4.79 percent. The dollar was quoted at N738.18/$1, compared to N775.34/$1 the previous day, according to data from FMDQ. The increase in value was due to an influx of dollars supplied by willing buyers and sellers, resulting in a 138.57 percent surge in transaction volume from $71.32 million on Tuesday to $170.15 million on Wednesday.
On the other hand, the parallel market, also referred to as the black market in Abuja, experienced a different trend. A source revealed to Economic Confidential that the naira was being purchased for N910/1$ and sold for N918/1$ on Thursday afternoon. The exchange rate in the black market remained unstable, and there was uncertainty about how it would close at the end of the day. “Yesterday, we started trading at 923 and later closed with 917, but today we started selling at 918, and it is uncertain what we will close with at the end of the day,” the source stated.
In summary, the naira appreciated significantly at the I&E forex window due to an increased supply of dollars, while its value remained unstable in the parallel market. The inconsistency in the black market exchange rate raises concerns about the rate at which it might close in the days to come