In addition to the most recent official dollar-to-naira exchange rates in Nigeria, The Witness Nigeria provides you rates from the Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN).
What Is the Current, July 24, 2023, Official Dollar to Naira Exchange Rate?
The exchange rate between the Naira and the US dollar opened on June 1, 2023 at 780.96 NGN and closed on July 24, 2023 at N780.96.
The FMDQ Security Exchange, where official exchanges of foreign currency take place, maintains this information. The difference is 0.2%.
The Naira currency rates for June are listed below:
24 July 2023 1 USD = 780.096 NGN
23 July 2023 1 USD = 786.022 NGN
22 July 2023 1 USD = 785.953 NGN
21 July 2023 1 USD = 680.237 NGN
20 July 2023 1 USD = 680.317 NGN
19 July 2023 1 USD = 685.221 NGN
18 June 2023 1 USD = 689.101 NGN
Naira to Dollar Exchange Rate on the Black Market as of July 24, 2023
A few dollar dealers in Nigeria have verified the rates listed below.
Currency Rate || Date || User || Nick
1 USD ₦ 850 24/7/2023 Alj. Kabiru >
1 USD ₦ 860 23/7/2023 Musa >
1 USD ₦ 800 22/7/2023 Mr Hamza >
1 USD ₦ 800 21/7/2022 Alhj Bello.. >
1 USD ₦ 799 20/7/2022 Mr Abbas >
1 USD ₦ 778 19/7/2022 Hassan >
The economy would suffer and contract, which would lower the value of the naira.
Government Debt: The quantity of debt a nation carries has an impact on investor confidence and, as a result, the amount of money that flows into the economy. If the inflows are significant, the naira’s exchange rate will alter in their favor.
Speculators: Speculators routinely affect the exchange rate between the dollar and the naira. In an effort to increase their chances of success, they save money, which further devalues the naira.
Trade conditions: Nigeria currently has a trade deficit, but if trade conditions are good, the naira will strengthen versus the dollar. Everything comes from China, India, and the majority of Asian countries.
