Dollar To Naira Black Market Exchange Rate 19 September 2023
On this page, you can always see the latest value of the US dollar compared to the Nigerian naira as of September 19, 2023. We keep refreshing this page with the most current information. Since the rates can shift quickly, make sure to check back here often to get the latest updates.
Dollar to Naira Black Market Rate 19 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 Rate | N955 |
| Selling Rate | N960 |
Dollars to Naira Black Market – Handy Conversion Data Table
| Dollar ($) | Buying (₦) | Selling (₦) |
| 1 USD | 955 | 960 |
| 2 USD | 1910 | 1920 |
| 5 USD | 4775 | 4800 |
| 10 USD | 9550 | 9600 |
| 15 USD | 14325 | 14400 |
| 20 USD | 19100 | 19200 |
| 25 USD | 23875 | 24000 |
| 50 USD | 47750 | 48000 |
| 100 USD | 95500 | 96000 |
| 500 USD | 477500 | 480000 |
| 1000 USD | 955000 | 960000 |
| 2500 USD | 2387500 | 2400000 |
| 5000 USD | 4775000 | 4800000 |
| 10000 USD | 9550000 | 9600000 |
Naira to Dollar Black Market Handy Conversion Data Table
| Dollar (₦) | Buying ($) | 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 19 September 2023
Recently, the Nigerian currency, known as the Naira, dropped to its lowest value ever, reaching 960 Naira for one US dollar. This happened mainly because a lot of people are trying to buy US dollars in the unofficial market, which is also known as the black market. The Naira was weaker by about 0.52% compared to its value the previous Friday, where it was 955 Naira per dollar.
This decline in the Naira’s value is still happening despite the recent appointment of Olayemi Michael Cardoso as the new head of Nigeria’s Central Bank. This appointment was made by the president, Bola Tinubu, last Friday. Cardoso is expected to focus on stabilizing the exchange rate, controlling the rate of increase in prices of goods (inflation rate), and maintaining a low-interest rate in the country.
Meanwhile, in the official foreign exchange market in Nigeria, where investors and exporters trade, the Naira actually got a bit stronger. On Friday, it was being traded at 756.91 Naira for a dollar, which is better than its 780 Naira per dollar rate on Thursday. Although, it was still a little weaker compared to its rates earlier in the week, as data from the FMDQ shows.
Unfortunately, there was a decrease in the amount of foreign currency being traded daily. The value of transactions dropped by about 34.21%, coming down to $45.88 million on Friday from $69.74 million on Thursday. Cardoso’s primary goal now would be to bring stability to the exchange rate, keep inflation in check, and maintain low-interest rates, as these are seen as the most important tasks for him to handle at the moment
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