Dollar To Naira Black Market/Official Exchange Rate Today, Wednesday Oct 18, 2023

The current US Dollar to Nigeria Naira Exchange Rate for today Wednesday, October 18, 2023 will be disclosed in it’s Black Market and Official rates respectively.

However, it is important to understand the difference between the two exchange rates – “Black Market rate and Official exchange rate” as used in the trade market.

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.

Exchange Rates

Dollar to Naira Black Market Rate

At the parallel market also know as the black market, as of today Wednesday (Abuja), Wednesday, 2023 at 05:00AM, Naira is being exchanged with the dollar at the rate of ₦1,040/$1 (Buying) and ₦1,048/$1 (Selling).

This indicates -0.11% (-0.860) fall against the US Dollar as compared to the previous closing exchange rate.

Dollar to CBN Exchange Rate

The exchange rate today for $1 (1USD) is equal to ₦764.64 (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 ₦764.6400.

Nigerian Naira fell by -0.11% (-0.860) against the US Dollar as compared to the previous closing exchange rate at ₦765.5000.

Compare

A year ago today, on this day, the CBN equivalent of $1.00 us dollars was ₦427.41 naira, which is ₦343.09 less than it is now. Over the last 7 days, the best beneficial exchange rate was ₦788.92.

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