- The exchange rate between Dollar and Naira fluctuates frequently.
- The black market buying and selling rate as of 19th July 2023,
- Nigeria’s inflation rate reached a 17-year high of 22.79% in June 2023.
Today’s Black Market Exchange Rate
If you’re interested in the current Dollar to Naira exchange rate in the black market, we’ve got you covered.
VoiceofNigeria has compiled the official Dollar to Naira exchange rate, black market exchange rate, rates from the Bureau De Change (BDC), and rates from the Central Bank of Nigeria (CBN).
The local currency (also known as abokiFx) started the day at N830 per $1 in the black market on 19th July 2023 in Lagos, Nigeria.
This is after it closed at N820 per $1 the previous day.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate: ₦825
Selling Rate: ₦830
Please remember that the rates at which you buy or sell forex may differ from what’s mentioned in this article, as prices change often.
Nigeria’s Inflation Rate Increases
On Monday, the National Bureau of Statistics (NBS) reported that Nigeria’s inflation rate had risen for the sixth consecutive month, reaching 22.79% in June 2023.
This is the highest it’s been in 17 years, increasing from 22.41% the previous month.
Here’s what the NBS report said, “In June 2023, the overall inflation rate rose to 22.79%, compared to 22.41% in May 2023.
This is an increase of 0.38 percentage points. Compared to June 2022, the inflation rate was 4.19 percentage points higher, which was 18.60% at the time.
This shows that the inflation rate (year-on-year) increased in June 2023 when compared to June 2022.”
Frequently Asked Questions
Q1: What is the current black market exchange rate for the Dollar to Naira on 19th July 2023?
Answer: The current black market exchange rate for Dollar to Naira on 19th July 2023 is ₦830 per $1 for selling and ₦825 per $1 for buying.
Q2: Where can I find the official NAFEX rates?
Answer: The Nigerian Autonomous Foreign Exchange (NAFEX) rates can usually be found on the official website of the Central Bank of Nigeria or other reliable financial news websites.
You can also subscribe to financial newsletters or services that provide regular updates on forex rates.
It’s important to remember that the forex market is constantly changing.
It’s always a good idea to check for the most recent rates before making any decisions or transactions.