Exchange Rate
Dollar To Naira Black Market/Official Exchange Rate Today, Thursday March 23
VerseNews Nigeria brings to you the US Dollar to Nigeria Naira exchange rate today based on the Abuja Market rate…
VerseNews Nigeria brings to you the US Dollar to Nigeria Naira exchange rate today based on the Abuja Market rate today being Thursday, March 23, 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 ₦740/$1 (Buying) and ₦749/$1 (Selling) as at Thursday (Abuja), March 23, 2023. The exchange rate had opened on Monday March 20 at ₦745/$1 this week. This indicates a 0.05% fall for United States Dollar against Nigeria Naira this week.
Source
Buying
Selling
Black Market Rate
₦740
₦749
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 ₦459.92.
Source
Buying
Selling
CBN Rate
₦459.92
₦460.92
Nigerian Naira risen by 0.01% (+1.33) against the US Dollar as compared to the previous closing exchange rate which closed at ₦460.45 (NGN)/$1 (1USD)
Alternatively, you may try your USD-NGN conversion below:
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)
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