LIVE Dollar to Naira Black Market Rates

Dollar To Naira Black Market Exchange Rate October 2023

This voiceofnigeria daily shows the LIVE exchange rate of one US dollar to Nigerian naira. We update the data regularly. Since currency values can change rapidly, bookmark this page to view the latest rates

Dollar to Naira Black Market Rate

Today, in the Lagos Parallel Market (often called the Black Market), you can buy a US dollar for N994 and sell it for N997.

Dollars to Naira Black Market 2023 – Handy Conversion Data Table

Dollar to Naira Rates News October 2023

Nigeria is facing a big money problem. The Naira, which is Nigeria’s money, has lost a lot of its value in recent months.

At the end of the last three months, the official rate for the Naira was N755.27 for every $1. Before that, it was N769.25 for every $1. But in some places, where people trade money quietly, the Naira’s value dropped even more. Here, it went from N770 for every $1 to N1000 for every $1. This is a big 23% drop.

At the same time, Nigeria’s savings in other countries’ money went down too. It went from $34.1 billion to $33.2 billion. This shows that Nigeria’s money situation is not good.

One of the reasons for this problem is that Nigeria does not have enough foreign money. The bank in charge of Nigeria’s money says this is because they owe a lot of money, between $6 billion to $10 billion.

Recently, the man in charge of the bank, Yemi Cardoso, talked about this problem. He said they need to figure out how much money they owe and find a way to fix the problem. If they don’t, things could get worse for Nigeria’s money and its economy.

Because of the Naira’s drop in value, things from other countries are more expensive, prices are going up, people can’t buy as much, and businesses don’t want to invest in Nigeria. Prices went up by 25.8% in September, as told by a national report.

Experts think that the Naira might lose even more value in the coming months. They remember how it lost a lot of value last year. The bank might need to change the official rate to try to fix the problem. But there is hope. Some experts say that if the bank pays off what they owe, the Naira’s value might not drop too much. The government might need to borrow money from other countries to do this.

If nothing is done, some experts think that by December, the Naira’s value could go down even more, especially because more people want dollars for the holidays and some want to leave Nigeria in the new year.

To end, Nigeria’s money problem is very big. They need to fix this to make their economy better

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