As of September 1, 2023, the black market exchange rate for the United States Dollar (USD) to Nigerian Naira (NGN) stands as follows:
- Buying Rate: N915
- Selling Rate: N918
Please note that these rates are subject to fluctuation and may change rapidly in the black market. It’s important to exercise caution and consider official exchange channels, as the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) for forex transactions. Individuals seeking foreign exchange are encouraged to approach their respective banks for regulated forex transactions.
In related news, the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has revealed the disbursement of N5 billion to each state in the federation, as well as the Federal Capital Territory (FCT), by the federal government. N2 billion has been released to each state government from this total palliative, aimed at mitigating the effects of the removal of the petrol subsidy. Some state governors have already confirmed receipt of the initial N2 billion, while it’s worth noting that the total package consists of a 52 percent grant component and a 48 percent loan component to be repaid by the states.