The Voice of Nigeria gives the latest rates for the US dollar to Nigerian naira in the unofficial market. Since currency rates can change quickly, we always update our info. For reliable exchange rate news, bookmark this page
Dollar to Naira Black Market Rate 17 October 2023
Today, in the Lagos Parallel Market (often called the Black Market), you can buy a US dollar for N1050 and sell it for N1060.
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Dollars to Naira Black Market 2023 – Handy Conversion Data Table
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Dollar to Naira Rates News 16 October 2023
Voice of Nigeria Report:
Naira Drops to N778 per US Dollar in I&E and N1048 in Peer-to-Peer Marke
The Naira, Nigeria’s currency, became weaker against the US Dollar on Monday, October 16. This happened in two places where currencies are exchanged: the Investors and Exporters (I&E) window and the Peer-to-Peer (P2P) window. This drop in value came after the Central Bank of Nigeria (CBN) allowed more people to trade at the official market.
A week before this, the head of CBN, Mr Yemi Cardoso, allowed more items to be traded. He hoped this would help the Naira’s value. But experts believe that if there’s no increase in the amount of foreign currency available, the Naira will face more problems.
On that Monday, the Naira’s value dropped by N13.94 to N778.80 for every US Dollar. This was different from the previous Friday when it was N764.86 for every US Dollar. It was also noted that there was less foreign currency available for trading.
In another place, the P2P section, the Naira’s value also dropped by N13. This means one US Dollar was worth N1,048 Naira compared to the previous value of N1,035 Naira.
But there was some good news. In a place called the parallel market, the Naira’s value increased by N3. So, one US Dollar was worth N1,040 Naira, which was better than the N1,043 Naira on the previous Friday.
Against other currencies like the British Pound and the Euro, the Naira stayed stable. It was N931.14 for one Pound and N805.414 for one Euro.
In the digital money market, Bitcoin was trading for more than $28,000. There was news that Blackrock Bitcoin ETF was approved, but this was later found to be untrue. Other digital currencies had different changes in their values. Solana went up, while Cardano, Ripple, Dogecoin, Binance Coin, and Ethereum all went down slightly. But two digital currencies, US Dollar Tether and Binance USD, stayed the same at $1 each