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Dollar to Naira Updates: Naira Drops to Lowest Ever at N960

September 18, 2023 By Amitverain Leave a Comment

Dollar to Naira Rate in the Informal Market Hits Record Low of N960

This page is where you can find the newest exchange rates between the US dollar and the Nigerian naira. We always update this page with the latest rates. Because rates change fast, keep coming back here to get the newest details.

Dollar to Naira 19 Sep 2023

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Table of Contents

  • Dollar to Naira Black Market Rate 18 September 2023
  • Naira to Dollar Black Market Handy Conversion Data Table
  • Dollar to Naira Rates News

Dollar to Naira Black Market Rate 18 September 2023

The current exchange rate for dollar to naira at the Lagos Parallel Market, also known as the Black Market, is set at N955 for buying and N960 for selling. 

Dollar to Naira Black Market Rate Today
Buying RateN955
Selling RateN960

Dollars to Naira Black Market – Handy Conversion Data Table

Dollar ($) Buying (₦)  Selling (₦)
1 USD 955 960
2 USD 1910 1920
5 USD 4775 4800
10 USD 9550 9600
15 USD 14325 14400
20 USD 19100 19200
25 USD 23875 24000
50 USD 47750 48000
100 USD 95500 96000
500 USD 477500 480000
1000 USD 955000 960000
2500 USD 2387500 2400000
5000 USD 4775000 4800000
10000 USD 9550000 9600000

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Naira to Dollar Black Market Handy Conversion Data Table

Dollar (₦) Buying ($)  Selling ($)
1 Naira 0.0010 0.0010
2 Naira 0.0021 0.0021
5 Naira 0.0052 0.0052
10 Naira 0.0105 0.0104
15 Naira 0.0157 0.0156
20 Naira 0.0209 0.0208
25 Naira 0.0262 0.0260
50 Naira 0.0524 0.0521
100 Naira 0.1047 0.1042
500 Naira 0.5236 0.5208
1000 Naira 1.0471 1.0417
2500 Naira 2.6178 2.6042
5000 Naira 5.2356 5.2083
10000 Naira 10.4712 10.4167

Dollar to Naira Rates News

The naira, Nigeria’s money, has lost a lot of its value compared to the American dollar, especially in unofficial markets. One dollar can now get you 960 naira compared to 945 naira just a day before. This is happening because:

  1. The value of the dollar is going up, making it costlier for people using other kinds of money.
  2. Nigeria buys a lot of things from other countries, needing many dollars to pay for them.
  3. The war in Ukraine is causing trouble in the worldwide network of buying and selling goods, and raising the price of oil and other items sold in dollars.

This drop in the naira’s value can hurt Nigeria in several ways:

  • Buying things from other countries will be more expensive for businesses, possibly causing prices to go up, which is called inflation.
  • Everyday items from other countries like food and electronics might become too costly for many Nigerians.

Even though the government tried to keep the naira stable by limiting how much foreign money can be swapped at the banks, it didn’t work well. The naira might keep losing value unless the government acts more firmly to fix the root issues of the economy.

What could happen next if the naira keeps dropping:

  • Prices going up: As items from other countries get pricier, the cost of living will increase, affecting both regular people and companies.
  • Slower growth: Businesses might find it hard to sell their goods and services to other countries, which might slow down the growth of the economy.
  • More poverty: With the naira being weaker, people might find it harder to buy the things they need, which might make more people poor.

To stop the naira’s value from dropping more, the Nigerian government needs to act fast to shield the economy and its citizens.

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