Find below, the dollar to naira exchange rate for today 8th 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 N753.00 per $1 at the parallel market otherwise known as the black market today Wednesday, 8 March 2023, in Lagos Nigeria, after it closed at N752 per $1 on Tuesday, 7 March 2023.
NEWS ONENIGERIA reports that in the black market, the players buy a dollar for N749 and sell for N753 on Wednesday, 8 March 2023, after they purchased N748 and sold for N752 on Tuesday, 7 March 2023.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦749 |
| Selling Rate | ₦753 |
Even though the dollar opened in the parallel market for ₦753 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.
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.