Stay updated with the Dollar to Naira Black Market Exchange Rates as of 7th October 2023. Get real-time information on buying and selling rates, recent naira performance, and expert insights on the Nigerian currency’s value fluctuations.
Dollar To Naira Black Market Exchange Rate 7th October 2023
The financial landscape in Nigeria is ever-changing, and keeping abreast of the latest exchange rates is crucial for both businesses and individuals. The Black Market exchange rate for the US dollar to the Nigerian naira remains an important barometer of the nation’s economic health. In this article, we provide an in-depth analysis of the Dollar to Naira Black Market Exchange Rates as of 7th October 2023.
Real-Time Exchange Rates
As of today, in the Lagos Parallel Market, often referred to as the Black Market, you can purchase one US dollar for N995 and sell it for N998. This real-time data is invaluable for traders, investors, and anyone involved in foreign exchange transactions.
Dollar to Naira Black Market Rates – 7th October 2023
- Buying Rate: N996
- Selling Rate: N1000
Dollars to Naira Black Market 2023 – Updated Conversion Data Table
Dollar ($) Buying (₦) Selling (₦) 1 USD 996 1000 2 USD 1992 2000 5 USD 4980 5000 10 USD 9960 10000 15 USD 14940 15000 20 USD 19920 20000 25 USD 24900 25000 50 USD 49800 50000 100 USD 99600 100000 500 USD 498000 500000 1000 USD 996000 1000000 2500 USD 2490000 2500000 5000 USD 4980000 5000000 10000 USD 9960000 10000000
Dollar to Naira Rates News – 6th October 2023
Naira’s Value Changes
In the Parallel Market, the naira was valued at N997 for every dollar yesterday. This is an improvement from the N1,000 for every dollar the day before. However, in the I&E Window, the value of the naira dropped to N775.2 for each dollar, which is less than its value of N756.21 the day before.
Difference in Rates
The difference between the official exchange rate and the parallel market rate has become smaller. It was N221.8 per dollar yesterday, compared to N243.79 the day before.
Fitch Ratings’ Prediction
Fitch Ratings, a renowned financial institution, predicts that the naira will continue to lose value. This prediction is based on the growing disparity between the official and parallel market rates, which may indicate challenges in stabilizing the naira by the government.
As of Wednesday, the naira was trading around N1,000 for every dollar. However, on the FMDQ platform in Lagos, it was valued at 745.19 naira for every dollar, highlighting a significant discrepancy in rates.
Recent Naira Performance
Over the last two weeks, the naira’s value has experienced a significant decline, primarily due to a shortage of US dollars. Additionally, some contracts for the naira reached a high value of 821.38 per dollar on Wednesday. The newly appointed head of the Nigerian bank, Olayemi Cardoso, has not yet outlined his plans to address these challenges.
Impact of Changes on the Naira
Fitch Ratings emphasizes that the widening gap between the official and parallel rates indicates underlying issues and suggests that the naira may further depreciate. In June, Nigeria intentionally devalued the naira by 40% to attract more foreign investment. However, by August, the disparity between the two rates began to grow again.
Naira’s Recent Performance
Despite an increase in the availability of US dollars, the naira’s value dropped by 1.48% on Wednesday due to high demand for dollars. Conversely, in the parallel or “black” market, the naira’s value slightly increased. On Tuesday, following a holiday, the naira strengthened by 0.79% or N8. The market opened with the dollar at N1,000 on Tuesday, compared to N1,008 the previous Friday.
The ongoing fluctuations in the Dollar to Naira Black Market Exchange Rates reflect the economic challenges faced by Nigeria. Staying informed about these rates is essential for making informed financial decisions in this dynamic environment. Be sure to bookmark this page for real-time updates on the Nigerian naira’s exchange rate.