The official dollar to naira exchange rates in Nigeria for today are available at Platinum Post News, along with Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) rates.
How Much Is Today’s Official 6th March 2023 Dollar to Naira Exchange Rate?
According to data maintained on the FMDQ Security Exchange, where foreign exchange is officially exchanged, the Naira’s exchange rate to the US dollar opened on March ), 2023, at 461.63 NGN per dollar after closing on February 24, 2022, at N461.01. This is a 0.2% change.
Naira exchange rates for November are listed below.
| Monday 6 March 2023 | 1 USD = 461.161 NGN | |
| Sunday 5 March 2023 | 1 USD = 450.0555 NGN | |
| Saturday 4 March 2023 | 1 USD = 440.9532 NGN | |
| Friday 3 March 2023 | 1 USD = 415.2237 NGN | |
| Thursday 2 March 2023 | 1 USD = 415.2317 NGN | |
| Wednesday 1 March 2023 | 1 USD = 415.2281 NGN | |
| Wednesday 1 March 2023 | 1 USD = 415.1011 NGN |
Current Black Market Dollar to Naira Exchange Rate as on March 6th, 2023
The rates shown below have been confirmed by certain dollar sellers across Nigeria.
| Currency | Rate | Date | User Nick |
|---|---|---|---|
| USD | ₦ 747 | 6/3/2023 | KSL > |
| USD | ₦ 745 | 5/3/2023 | Famous > |
| USD | ₦ 750 | 4/2/2023 | Mr bk > |
| USD | ₦ 748 | 3/2/2022 | Alhj hone.. > |
| USD | ₦ 760 | 3/2/2022 | KSL > |
| USD | ₦ 760 | 2/2/2022 | D BDC > |
The local currency, often known as the black market, started at N747.00 per $1 today, 6 March 2023, in Lagos, Nigeria, after closing at N747.00 per $1 on 6 March 2023, according to abokiFX.com. This reflects a $0.05 change from the day before.
According to data released on abokiFX.com, which is referred to as the “official black market rate,” participants in the black market bought a dollar for N747 today morning, March 6, 2023, and sold it for N740.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 750 |
| Selling Rate | 740 |
According to Net Arana, on March 6, 2023, the USD began trading at 740 in the Parallel Market, often known as the Black Market. It opened at $747 per dollar on Monday, thus there has been a move of $0.9 since then.
Disclaimer: Net Arana neither determines nor sets foreign exchange rates. The FMDQOTC website is where you can find the official NAFEX rates.
Rates on the parallel market (also known as the black market) are gathered from a variety of sources, including internet media publications. The exchange rates at which you purchase or sell currency may vary from those described in this article.
Several elements that affect foreign exchange rates
Some of the variables affecting the dollar to naira exchange rate are listed below.
Prices of Inflation: It is well known that inflation directly affects currency exchange rates on the black market. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira keeps declining, it might indicate that food and other necessities are becoming more expensive on a daily basis.
Interest Rates: Another factor to keep an eye on is interest rates. The economy would suffer, would contract, and as a result, the value of the naira would decrease if interest rates on bank loans rose.
Government Debt: National debt has an effect on investor confidence and, as a result, the flow of money into the economy. If the inflows are significant, the naira exchange rate will move in its favor.
Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.
Trade Circumstances: Despite the fact that Nigeria is currently running a trade deficit, the Naira will strengthen versus the dollar if trade conditions are favourable. Everything comes from China, India, and the majority of Asian countries.
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