Naira

Naira Drops Further, Exchanges at N740/US$1 Against the U.S. Dollar

Naira traded at N740 to a United States Dollar on the black market on Wednesday, representing a decline of N10 from the N730 it traded on Tuesday.

Published

1 year ago

October 13, 2022

Investors King

The Nigerian Naira drops further against the United States Dollar at the parallel market, the Nigerian black market for foreign exchange on Wednesday.

Naira traded at N740 to a United States Dollar, a decline of N10 from the N730 it traded on Tuesday.

At the Investors and Exporters’ foreign exchange window, the Naira traded at N440.00 against the United States Dollar it opened the day on Wednesday, before dropping to N440.67 at the close of business for the day.

Currency traders at the Investors and Exporters‘ foreign exchange window transacted $95.39 million in value during trading hours on Wednesday, according to the data available at the FMDQ-managed forex window. This is more than the $73.66 million transacted in the previous trading session.

Naira continues to struggle with Nigeria’s dwindling foreign revenue as crude oil theft jumped to a record high and oil production plummeted below 1 million barrels per day. Nigeria is an oil-dependent economy that realise on the sales of crude oil to service its economy and support the Nigerian Naira.

Crude Oil

Despite crude oil prices trading higher due to Russia’s invasion of Ukraine and other global happenings, Nigeria has not been able to take advantage of this increase.

However, on Thursday Brent crude oil, against which Nigerian oil is priced, appreciated slightly by $0.15 or 0.16% to $92.60 a barrel at 11:38 am Nigerian time.

The U.S. West Texas Intermediate (WTI) crude oil also inched higher, gaining $0.06 or 0.07% to $87.33 a barrel. The increase could be partly due to OPEC plus decision to cut crude production by 2 million barrels, even though the increase in price was expected to be much bigger, the uncertainty surrounding global growth amid heightened inflation continues to drag on commodity prices.

Cryptocurrency

Crypto decline continues across the board on Thursday as Bitcoin led the decline with 2.49% to settle at $18,668 a coin. Bitcoin rose to over $66,000 a year ago during cryptocurrency bullish run before it plunged after Luna’s fall.

Luna coin fell from over $110 a coin to below $0.0004 before pulling back to about $1.98 a coin at the moment, Investors King research has shown.

Eth, the token of Ethereum protocol, failed to appreciate as expected following its merge and successful transition to Proof of Stake (PoS). Since its merge, Eth has lost about $300 and presently trading at $1,241 a coin. In the last 24 hours, it lost 4.5% of its value.

Other cryptocurrencies trading in the red are BNB, XRP, Solana, Stellar, Cardano (ADA), Cronos (CRO), Doge and others.

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Naira

Black Market Exchange Rate Today 28th November 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 28th, 2023, the dollar to naira exchange rate is 1 USD to 1157 NGN at the black market.

Published

1 day ago

November 28, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 28th, 2023, the dollar to naira exchange rate is 1 USD to 1157 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1157, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦1157 and ₦1153 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1157 and sold for ₦1153.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1153
Buying Rate	1157

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
11/27/2023	US DOLLAR	820.06	820.56	821.06
11/27/2023	POUNDS STERLING	1034.9157	1035.5467	1036.1777
11/27/2023	EURO	896.4896	897.0362	897.5828
11/27/2023	SWISS FRANC	930.8286	931.3961	931.9637
11/27/2023	YEN	5.5093	5.5127	5.516
11/27/2023	WAUA	1070.8939	1071.5469	1072.1998
11/27/2023	RIYAL	218.6419	218.7752	218.9085
11/27/2023	DANISH KRONA	120.2293	120.3026	120.3759
11/27/2023	SDR	1091.4179	1092.0833	1092.7488
11/27/2023	YUAN/RENMINBI	114.6456	114.7155	114.7854

Investors King understands that although the dollar to naira opened at N1157 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Tuesday, November 28th, 2023, individuals in the black market purchased one US dollar for N1157 and sold it for N1153. This shows that the value of the Naira declined when compared to Monday, November 27th, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1145.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

Naira

Black Market Exchange Rate Today 27th November 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 27th, 2023, the dollar to naira exchange rate is 1 USD to 1155 NGN at the black market.

Published

3 days ago

November 27, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 27th, 2023, the dollar to naira exchange rate is 1 USD to 1155 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1155, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1155 and sold for ₦1145.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1145
Buying Rate	1155

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
11/24/2023	US DOLLAR	805.108	805.608	806.108
11/24/2023	POUNDS STERLING	1013.792	1014.4216	1015.0512
11/24/2023	EURO	879.9025	880.449	880.9954
11/24/2023	SWISS FRANC	911.7871	912.3533	912.9196
11/24/2023	YEN	5.3821	5.3854	5.3888
11/24/2023	CFA	1.3739	1.3839	1.3939
11/24/2023	WAUA	1113.913	1114.6048	1115.2966
11/24/2023	RIYAL	214.747	214.8804	215.0137
11/24/2023	DANISH KRONA	118.0026	118.0759	118.1491
11/24/2023	SDR	1071.5182	1072.1837	1072.8491

Investors King understands that although the dollar to naira opened at N1155 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Monday, November 27th, 2023, individuals in the black market purchased one US dollar for N1155 and sold it for N1145. This shows that the value of the Naira declined when compared to Friday, November 24th, 2023 when the local currency was exchanged at N1140 to a Dollar and a Dollar was purchased at N1135.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

Naira

Black Market Exchange Rate Today 23rd November 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 23rd, 2023, the dollar to naira exchange rate is 1 USD to 1145 NGN at the black market.

Published

7 days ago

November 23, 2023

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 23rd, 2023, the dollar to naira exchange rate is 1 USD to 1145 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1145, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much is Dollar to Naira Today in the Black Market?

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦1145 and sold for ₦1135.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1135
Buying Rate	1145

Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
11/21/2023	US DOLLAR	803.893	804.393	804.893
11/21/2023	POUNDS STERLING	1008.323	1008.9501	1009.5773
11/21/2023	EURO	880.1021	880.6495	881.1969
11/21/2023	SWISS FRANC	909.8959	910.4618	911.0277
11/21/2023	YEN	5.4486	5.452	5.4554
11/21/2023	CFA	1.3464	1.3564	1.3664
11/21/2023	WAUA	1090.5366	1091.2149	1091.8932
11/21/2023	RIYAL	214.3315	214.4648	214.5981
11/21/2023	DANISH KRONA	118.0581	118.1315	118.205
11/21/2023	SDR	1070.2228	1070.8884	1071.5541

Investors King understands that although the dollar to naira opened at N1145 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Thursday, November 23rd, 2023, individuals in the black market purchased one US dollar for N1145 and sold it for N1135. This shows that the value of the Naira was mixed when compared to Monday, November 21st, 2023 when the local currency was exchanged at N1140 to a Dollar and a Dollar was purchased at N1135.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.