Find below, the dollar to naira exchange rate for today 7th March 2023.
Newsone has obtained the official dollar to the naira exchange rate in Nigeria today, including the Bureau De Change (BDC) rate and CBN rates.
The local currency opened at N752.00 per $1 at the parallel market otherwise known as the black market today Tuesday, 7 March 2023, in Lagos Nigeria, after it closed at N755 per $1 on Monday, 6 March 2023.
NEWS ONENIGERIA reports that in the black market, the players buy a dollar for N748 and sell for N752 on Tuesday, 7 March 2023, after they purchased N752 and sold for N755 on Monday, 6 March 2023.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦748 |
| Selling Rate | ₦752 |
Even though the dollar opened in the parallel market for ₦752 per $1, the CBN does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.
“I am sorry to say that I do not, and I do not intend to recognise any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” he said during a press briefing on September 17, 2021.
Meanwhile, NEWS ONENIGERIA reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Monday, March 6, 2023, in Lagos Nigeria, after it opened at ₦765 last week Monday, February 27, 2023.
Disclaimer: Newsone Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.