Dollar to Naira Black Market Rate Today 21 September 2023

The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) holds immense significance, especially in a country like Nigeria with strong economic ties to the United States. As of September 21, 2023, we provide a comprehensive overview of the Dollar to Naira rates, encompassing the Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates.

This article aims to unravel the complexities surrounding these rates and offer valuable insights for those tracking currency exchanges.

Current Dollar to Naira Black Market Rates

Black Market Exchange Rate (21st September 2023):

  • Buying Rate: ₦975
  • Selling Rate: ₦980

It’s crucial to note that Black Market rates are known for their volatility, often fluctuating rapidly within a matter of hours. Therefore, the rates mentioned here are as of September 21, 2023, and may change swiftly, StechiteGist Media reports.

Detailed Table of Dollar to Naira Black Market Rates – September 21, 2023 ($1 to $10,000)

Here is a breakdown of the Dollar to Naira exchange rates in the Lagos Black Market:

Dollar ($) Buying (₦) Selling (₦)
1 USD 975 980
2 USD 1950 1960
5 USD 4875 4900
10 USD 9750 9800
15 USD 14625 14700
20 USD 19500 19600
25 USD 24375 24500
50 USD 48750 49000
100 USD 97500 98000
500 USD 487500 490000
1000 USD 975000 980000
2500 USD 2437500 2450000
5000 USD 4875000 4900000
10000 USD 9750000 9800000

Please keep in mind that Black Market exchange rates are highly subject to change, and the rates provided here serve as reference values based on the buying and selling values of ₦975 and ₦980, respectively, as of September 21, 2023.

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CBN Official Rates – September 21, 2023

The Central Bank of Nigeria (CBN) plays a significant role in determining official exchange rates. On September 21, 2023, the CBN’s official rates for the US Dollar to the Nigerian Naira were as follows:

Dollar ($) Buying (₦) Selling (₦)
1 USD 768.43 768.43
2 USD 1536.86 1536.86
5 USD 3843.58 3843.58
10 USD 7684.30 7684.30
15 USD 11526.45 11526.45
20 USD 15368.60 15368.60
25 USD 19210.75 19210.75
50 USD 38421.50 38421.50
100 USD 76843.00 76843.00
500 USD 384215.00 384215.00
1000 USD 768430.00 768430.00
2500 USD 1921075.00 1921075.00
5000 USD 3842150.00 3842150.00
10000 USD 7684300.00 7684300.00

Frequently Asked Questions (FAQs)

1. What is the Black Market exchange rate for the Dollar to Naira today? As of September 21, 2023, the Black Market rate for the US Dollar to the Nigerian Naira is ₦975 for buying and ₦980 for selling.

2. Why do exchange rates fluctuate so frequently? Exchange rates are influenced by various economic, political, and market factors. These factors can change rapidly, leading to frequent fluctuations in exchange rates.

3. How can businesses protect themselves from currency exchange risk? Businesses can use hedging strategies, such as forward contracts and options, to mitigate the impact of adverse currency exchange rate movements.

4. What role does the Central Bank of Nigeria (CBN) play in determining exchange rates? The CBN sets official exchange rates, which can influence market rates to some extent. However, market forces also play a significant role in determining exchange rates.

5. Are the Black Market rates reliable for currency exchange? Black Market rates can offer competitive rates but are often associated with higher risks due to their volatility. It’s advisable to consider official rates and consult financial experts when engaging in currency exchange transactions.

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