As of October 20, 2023, the exchange rate for a dollar to Naira at the Lagos Parallel Market (Black Market) is N1145 for buying and N1155 for selling. The exchange rate for the dollar to Naira at the Black Market in Abuja is N1160 for buying and selling, StechiteGist media reports.
The Central Bank of Nigeria (CBN) official exchange rate for the dollar to Naira is N410.25 for buying and N412.25 for selling.
It is important to note that the Black Market exchange rate is higher than the official exchange rate, and it is illegal to trade currency at the Black Market. The Black Market exchange rate is determined by supply and demand, and it is affected by factors such as inflation, government policies, and economic stability.
The decline in the Naira’s value against the dollar has led to an increase in the cost of living for Nigerians, as prices of goods and services have gone up. The fluctuation in the exchange rate has also affected foreign investors’ confidence in Nigeria’s economy.
In conclusion, the exchange rate for the dollar to Naira at the Black Market and official exchange rate varies significantly. The Black Market exchange rate is higher than the official exchange rate, and it is illegal to trade currency at the Black Market. The decline in the Naira’s value against the dollar has led to an increase in the cost of living for Nigerians, and it has affected foreign investors’ confidence in Nigeria’s economy.
