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.
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.
