Lagos, Nigeria – As of today, October 23, 2023, Findwhosabi News brings you the latest exchange rates for the US dollar to the Nigerian Naira, encompassing both the official rates and the black market rates.
Official Exchange Rate: According to data from the FMDQ Security Exchange, the official forex trading portal, the exchange rate for the Naira against the US dollar opened at ₦789.89 per dollar on Friday, October 20, 2023. It closed at ₦808.27 per US dollar on the same date. These official rates are in line with the recent announcement by the Central Bank of Nigeria (CBN) to unify all segments of the foreign exchange market.
Black Market Exchange Rate: However, in contrast to the official rates, the Naira is trading at a significantly higher rate of N1170 per US dollar on the black market. This discrepancy in rates is noteworthy, as it occurs despite the CBN’s directive to consolidate all foreign exchange market segments into the investors and exporters (I&E) window. The black market rate remains considerably higher, reflecting the demand and supply dynamics within that segment.
Please note that exchange rates are subject to fluctuations, and the rates mentioned here may not represent the real-time rates. It’s important to check with authoritative sources or financial institutions for the most up-to-date rates if you plan to engage in foreign exchange transactions.