NAIRA TO DOLLAR EXCHANGE TODAY AT BLACK MARKET RATES. BY GOLD AZOKHOME.

The official dollar to naira exchange rates in Nigeria for today are available along with Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates.

According to data maintained on the FMDQ Security Exchange, where foreign exchange is officially exchanged, the Naira’s exchange rate to the US dollar opened in May 1, 2023 at 461.63 NGN per dollar after closing on 2nd May 2023, at N461.01. This is a 0.2% change.

Naira exchange rates for April are listed below:

1 May 2023 1 USD = 461.161 NGN
29 April 2023 1 USD = 450.0555 NGN
28 April 2023 1 USD = 440.9532 NGN
27 March 2023 1 USD = 415.2237 NGN
26 April 2023 1 USD = 415.2317 NGN
22 April 2023 1 USD = 415.2281 NGN
21 April 2023 1 USD = 415.1011 NGN
Current Black Market Dollar to Naira Exchange Rate as on May 5th, 2023

The rates shown below have been confirmed by certain dollar sellers across Nigeria:

Currency Rate Date User Nick
USD ₦ 747 5/5/2023 KSL >
USD ₦ 745 26/4/2023 Famous >
USD ₦ 750 22/4/2023 Mr bk >
USD ₦ 748 21/4/2022 Alhj hone.. >
USD ₦ 760 19/4/2022 KSL >
USD ₦ 760 18/4/2022 D BDC >
The local currency, often known as the black market, started at N747.00 per $1 today, 5th May 2023, in Lagos, Nigeria, after closing at N747.00 per $1 on 30th April 2023, according to abokiFX.com. This reflects a $0.05 change from the day before.

According to data released on aboki FX.com, which is referred to as the “official black market rate,” participants in the black market bought a dollar for N747 today morning, 5th May 2023, and sold it for N740.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 740
According to Platinum Post, on 5th May 2023, the USD began trading at 740 in the Parallel Market, often known as the Black Market. It opened at $747 per dollar on Monday, thus there has been a move of $0.9 since then.

Disclaimer: Platinum Post neither determines nor sets foreign exchange rates. The FMDQOTC website is where you can find the official NAFEX rates.

Rates on the parallel market (also known as the black market) are gathered from a variety of sources, including internet media publications. The exchange rates at which you purchase or sell currency may vary from those described in this article.

Several elements that affect foreign exchange rates some of the variables affecting the dollar to naira exchange rate are listed below.

Prices of Inflation: It is well known that inflation directly affects currency exchange rates on the black market. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira keeps declining, it might indicate that food and other necessities are becoming more expensive on a daily basis.

Interest Rates: Another factor to keep an eye on is interest rates. The economy would suffer, would contract, and as a result, the value of the naira would decrease if interest rates on bank loans rose.

Government Debt: National debt has an effect on investor confidence and, as a result, the flow of money into the economy. If the inflows are significant, the naira exchange rate will move in its favor.

Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower
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