Price of a Dollar hits 902 Naira in Black market as of today 9 August, 2023
Dollar to Naira Exchange Rate: Official vs. Black Market (August 9, 2023)
The exchange rate between the Nigerian naira and the US dollar is constantly fluctuating. The official exchange rate, which is set by the Central Bank of Nigeria (CBN), is often different from the black market exchange rate.
Here is a table of the official exchange rate for the naira to the dollar as of August 9, 2023:
| Quantity | Official Exchange Rate (Naira) |
|---|---|
| 1 US dollar | 765.947 |
| 5 US dollars | 3,829.735 |
| 10 US dollars | 7,659.470 |
| 20 US dollars | 15,318.940 |
Here is a table of the black market exchange rate for the naira to the dollar as of August 9, 2023:
| Quantity | Black Market Exchange Rate (Naira) |
|---|---|
| 1 US dollar | 902.00 |
| 5 US dollars | 4,510.00 |
| 10 US dollars | 9,020.00 |
| 20 US dollars | 18,040.00 |
As you can see, the black market exchange rate is much higher than the official exchange rate. This is due to a number of factors, including the high demand for dollars in Nigeria, the limited supply of dollars available from the CBN, and the lack of confidence in the CBN's ability to manage the economy.
If you need to exchange dollars for naira, it is important to do your research and compare the exchange rates offered by different banks and bureau de change. You should also be aware of the risks associated with exchanging money on the black market.
Here are some tips for exchanging dollars for naira:
- Do your research and compare exchange rates. Not all banks and bureau de change offer the same exchange rates. It is important to compare rates before you make a transaction.
- Be aware of the risks of exchanging money on the black market. The black market exchange rate is often higher than the official exchange rate, but it is also more risky. There is a chance that you could be scammed or robbed if you exchange money on the black market.
- Use a reputable bank or bureau de change. If you are not comfortable exchanging money on the black market, you can use a reputable bank or bureau de change. These institutions are more likely to offer fair exchange rates and they are less likely to scam you.
The dollar to naira exchange rate is likely to remain volatile in the near future. The government is working to improve the economy and stabilize the naira, but it will take time to see results. In the meantime, it is important to be aware of the risks associated with exchanging dollars for naira and to take steps to protect yourself.
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