Dollar to Naira 5 September 2023 Rates (Black Market & CBN Official Market)

Dollar To Naira Today Exchange Rate News, 5 September 2023 both CBN Official Market Rates and abokifx Black Market Rates.

To check the CBN Official exchange rate and abokifx black market rates for the US Dollar and Nigerian Naira on September 5, 2023, please be aware that these rates can change often, even hourly, because of ongoing buying and selling. So, it’s important to stay informed and check for updates regularly.

Check Dollar to Naira 7 September 2023

Dollar to Naira Today Black Market Rate on 05/09/2023

On September 5, 2023, sources from Bureau De Change (BDC) confirmed that the exchange rate for the US Dollar to the Nigerian Naira in the Lagos Black Market is N912 for buying and N917 for selling.

Dollars to Naira Today Black Market 05/09/2023

CBN Official Dollars to Naira Today 05/09/2023

On September 5, 2023, the Central Bank of Nigeria (CBN) exchange rate for the US Dollar to the Nigerian Naira in the Official Market is N760.529 for buying and N761.529 for selling

CBN Official Exchange Rate – Dollar to Naira

Dollar to Naira Rates News 5/09/2023

Dollar sells between N700 and N800 at CBN’s official window, down in black market

In a notable development in Nigeria’s foreign exchange market, the exchange rate of the Naira to the US dollar experienced significant variations on Friday, oscillating between N700 and N800 in the official Investors’ and Exporters’ window. This range witnessed the highest rate at N800 and a dip to N700 per USD, highlighting a burgeoning appreciation of the naira against the US currency.

According to information obtained by Ripples Nigeria, the official market closed with the dollar rate settling at N740.38 to a dollar. This represented a decline of N22.33 kobo from the N762.71 per dollar rate observed at the close of Thursday’s trading activities, signaling a downward adjustment of 2.92% in the exchange rate.

On a closer look at the market dynamics, there was a notable increase in the volume of foreign exchange transactions recorded within the I&E window, amounting to a significant $178.53 million. This represented a substantial surge by $92.74 million or 108.1%, from the $85.79 million that was reported in the previous trading session. This uptick indicates a heightened activity level in the foreign exchange market, which could potentially be a reflection of increased confidence or other macroeconomic factors at play.

Simultaneously, there were discernible shifts in the black market as well, particularly within the Bureau De Change window. Here, the average dollar rate experienced a slight decrement, stabilizing at N903.5 per USD as compared to N905.9 per USD recorded the day before. This represents a nuanced shift in the black market dynamics, which often responds to different factors compared to the official market.

In the broader context of the foreign exchange market, the British pound also underwent adjustments in its exchange rate. As per data accumulated by Naira Rates, a platform that aggregates parallel window rates, the pound depreciated to N1162.1 per pound from a previous rate of N1167.6. This trend of depreciation was mirrored in the Euro rates as well, with the average rate dropping to N994.6 per euro from the N1000.7 noted the day prior.

As Nigeria navigates through these fluctuating foreign exchange rates, it is essential to scrutinize the potential implications on both the economy and business sectors. The variations in the rates could potentially influence investment decisions and economic planning. Moreover, it remains to be seen how these fluctuations might impact the broader financial landscape in the coming days, considering the significant role foreign exchange plays in a nation’s economic stability and growth prospects.

In conclusion, Friday’s trading session marked significant shifts in the foreign exchange rates in both the official and black markets, with the naira witnessing appreciations and depreciations against major currencies. These fluctuations hint at a vibrant and responsive market that is reacting to a confluence of factors which warrants close observation and analysis in the foreseeable future.