How much is the Dollar to Naira exchange rate at the black market today, 23rd May 2023?
Do you know that Nigerians prefer to exchange foreign currency, particularly Dollar to Naira, on the black market? The reason is that the conversion rate is higher than what the banks will offer.
How Much is Dollar to Naira on the official Exchange Rate Today?
Bureau De Change (BDC) operators in Nigeria said a dollar was bought at ₦762 and sold at ₦758 today , as against ₦765 it traded on Monday.
The dollar is gaining momentum.
Read Also: Dollar, Pound, Euro To Naira Surges In Black Market
Be reminded that the Central Bank of Nigeria (CBN) has stopped feeding the parallel market (black market) dollars and has recommended individuals interested in Forex contact their respective banks before proceeding.
However, the exchange rate on black market always differs from the CBN rate.
The dollar exchange rate significantly affects the Nigerian economy.
For instance, the CBN exchange rate of the US currency on the official market as at May 23 is ₦461, this exchange rate fluctuates day after day due to changes in trade conditions, government debt, interest rate among other things.
As Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants.
Dollar to Naira Rate for Past 7 Days
| Date | Buy | Sell |
| May 22, 2023 | 765 | 760 |
| May 21, 2023 | 755 | 750 |
| May 20, 2023 | 749 | 746 |
| May 19, 2023 | 748 | 745 |
| May 18, 2023 | 747 | 743 |
| May 17, 2023 | 747 | 744 |
| May 16, 2023 | 747 | 743 |
