Dollar to Naira Black Market Rate Today 20 September 2023

Dollar To Naira Black Market Exchange Rate 20 September 2023

This page shows you the current value of the US dollar in relation to the Nigerian naira as of September 20, 2023. We regularly update this page with the newest information. Because exchange rates can change rapidly, it’s important to return here frequently to stay updated with the most recent rates.

Dollar to Naira 21 Sep 2023

Dollar to Naira Black Market Rate 20 September 2023

The current exchange rate for dollar to naira at the Lagos Parallel Market, also known as the Black Market, is set at N960 for buying and N970 for selling. 

Dollars to Naira Black Market 20 September 2023 – Handy Conversion Data Table

Naira to Dollar Black Market Handy Conversion Data Table

Dollar to Naira Rates News 20 September 2023

The exchange rate between the Nigerian Naira and the United States Dollar (USD) went up significantly on Monday. In the official market for investors and exporters, the USD closed at N773.98 for every $1, compared to the N756.91/$1 rate on the previous Friday.

This means the dollar became more expensive by N17.07 kobo, resulting in a 2.25 percent decrease in the value of the Naira. This information comes from data on foreign exchange provided by FMDQ Exchange.

Furthermore, the official market data showed that the Naira’s exchange rate against the dollar reached its highest point of the day at N799.90/$1, while the lowest point saw the USD exchange at N700/$1.

In terms of trading activity, foreign exchange traders in the official market transacted a total of $64.22 million worth of forex on Monday, a significant increase compared to the $45.88 million traded on the previous Friday.

Over the weekend, the total value of foreign exchange transactions surged by 39.9 percent, representing a remarkable $18.34 million increase in forex supply.

In the black market, specifically in the Bureau De Change window, the dollar was traded at an average rate of N960/$1 on Monday, according to data from the parallel window aggregator, AbokiFX. Meanwhile, the British Pound was exchanged at a rate of N1220 for every £1, and the Euro’s value stood at N1020 for every €1 at the close of trading in the black market.

In summary, the Naira experienced a significant depreciation against the US Dollar in both the official and black markets, with the official market witnessing a rise in the exchange rate by N17.07 kobo. This shift in the exchange rate reflects changes in the foreign exchange landscape in Nigeria.