Exchange Rate

Dollar To Naira Black Market/Official Exchange Rate Today, Monday March 13

VerseNews Nigeria brings to you the US Dolla to Nigeria Naira exchange rate today based on the Abuja Market rate today being Monday, March 13, 2023.

Published

2 years ago

March 13, 2023

VerseNews

Dollar to Naira Exchange Rate

VerseNews Nigeria brings to you the US Dollar to Nigeria Naira exchange rate today based on the Abuja Market rate today being Monday, March 13, 2023.

But before we go to the exchange rate, do you know the difference between Black Market rate and Official exchange rate?

According to Investopedia, the world’s leading source of financial content, Black Market Exchange rate is economic activity that takes place outside government-supervised channels to avoid taxes and price controls. In its simple way, Black market exchange rates are exchange rates that differ from the officially given exchange rate set by a government.

Official exchange rate is the opposite of Black market rate. It is refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market.

Dollar to Naira Black Market Rate

At the parallel market also know as the black market, Naira is being exchanged with the dollar at the rate of ₦745/$1 (Buying) and ₦752/$1 (Selling) as at Monday (Abuja), March 13, 2023. The exchange rate had opened on Monday March 6 at ₦745/$1 this week. This indicates a 0.09% rise for United States Dollar against Nigeria Naira this week.

Source

Buying

Selling

Black Market Rate

₦745

₦752

Dollar to CBN Exchange Rate

The exchange rate today for $1 (1USD) is equal to ₦460.52 (NGN). this is the exchange rate used by the Central Bank of Nigeria (CBN). For the basic conversion, we use the midpoint between the buy and sell rates of USD to NGN at currency exchanges across the globe. The current exchange rate is equivalent to ₦460.52.

Source

Buying

Selling

CBN Rate

₦460.52

₦461.02

Nigerian Naira risen by 0.03% (+1.33) against the US Dollar as compared to the previous closing exchange rate which closed at ₦459.19 (NGN)/$1 (1USD)

Alternatively, you may try your USD-NGN conversion below:

[exchange-rates_badge color=”#c2bec6″ amount=”1″ base_currency=”USD” flag_type=”circular” decimals=”4″ symbol=”on” id=”1678539313″ currency_list=”USD,NGN”]

[exchange-rates_currency-converter title=”CBN Exchange Rate Converter” amount=”1″ from=”USD” to=”NGN” code=”code” symbol=”symbol” after=”after” border=”border” id=”1678550452″ ]

DISCLAIMER: This website CANNOT guarantee the accuracy of the exchange rates displayed. You should confirm current rates before making any transactions that could be affected by changes in the exchange rates.

Frequently Asked Questions (FAQ)

What is the n CBN policy on dollar?

According to the CBN Governor, Godwin Emefiele, dollar charges on all domestic cards and online transactions would not be permitted. Emefiele said all transactions on existing local bank cards must, therefore, be routed through the Nigerian National Domestic Card scheme which was launched earlier January 2023.

Why do I need a US Dollar account in Nigeria?

US Dollar Account in Nigeria is important because it allows you to receive international payments in dollars. It means money received abroad does not have to be converted into Nigeria Naira but can be received directly in Naira from abroad.

How much is 5 dollars today in black market?

5 dollars is equivalent to ₦3,760 (NGN)

How much is 10 dollars today in black market?

5 dollars is equivalent to ₦3,760 (NGN)

How much is 100 dollars today in black market?

5 dollars is equivalent to ₦75,200 (NGN)

VerseNews Nigeria

Dollar To Naira Black Market/Official Exchange Rate Today, Monday March 13

Exchange Rate