Take a look at the current exchange rates for the US Dollar to Nigerian Naira on September 7, 2023. You’ll find the official rate and the black market rates. Just keep in mind, these rates can change a lot, even every hour, because of all the buying and selling. So, if you want the latest info, it’s a good idea to check back regularly.
On September 7, 2023, sources from Bureau De Change (BDC) confirmed that the exchange rate for the US Dollar to the Nigerian Naira in the Lagos Black Market is N920 for buying and N925 for selling.
Dollars to Naira Today Black Market 07/09/2023
Buying (₦) Selling (₦)
920 925
CBN Official Dollars to Naira Today 07/09/2023
On September 7, 2023, the Central Bank of Nigeria (CBN) exchange rate for the US Dollar to the Nigerian Naira in the Official Market is N784.532 for buying and N785.532 for selling
Official Rate today
Buying (₦) Selling (₦)
1784.53 785.532
The Naira, which is Nigeria’s local currency, is losing its value when compared to the US Dollar in the unofficial black market. This is causing concern among many Nigerians who are wondering if there’s a solution to bring stability to the Naira. Unfortunately, the efforts made by President Bola Tinubu don’t seem to be having much impact, as the value of the Dollar keeps rising while the Naira continues to fall.
The big question on most people’s minds is whether there’s something that hasn’t been done yet to address this issue.
In Nigeria, some people have grown accustomed to this situation, but for others, it’s an ongoing struggle. The Naira’s weakness doesn’t seem to be improving, and the Dollar’s dominance in the foreign exchange market keeps getting stronger. Despite the Federal Government’s efforts to implement policies, these changes won’t have an immediate effect.
One significant challenge that needs to be addressed is reducing our reliance on imported goods and increasing our exports. Importing goods from all over the world forces Nigeria to use the Dollar for trade, which isn’t good for the country’s economy or its businesses. Currently, in the black market, the Dollar is being exchanged for around ₦910 to ₦920 when buying and ₦925 when selling. This exchange rate is unfavorable for Nigerians, as they lose out when converting their currency.
The reason behind this is that there’s a high demand for Dollars, but the supply is limited. This, along with other factors, causes the Dollar’s value to rise. Moreover, the limited Forex (foreign exchange) available is often kept by a select few and isn’t readily available for general use, leading to a shortage of Forex in the country.
Considering all these factors and the recent decision by BRICS nations to stop using the Dollar for international trade, it’s clear that Nigeria needs to come up with innovative solutions. While unifying exchange platforms is a step in the right direction, its positive impact on the market hasn’t been felt yet/
