Following the Central Bank of Nigeria (CBN)’s decision to redesign the Nigerian Naira notes, the Naira to Dollar exchange rate plunged to N800 at the unregulated parallel market, popularly known as the black market during the weekend.
This, currency traders in that section of the foreign exchange market attributed to the sudden decline in the Naira due to the surge in demand for the U.S. Dollars by suspected hoarders looking to offload their Naira holdings ahead of the new naira notes scheduled for release on December 15, 2022.
However, at the interbank forex section managed by the CBN, the local currency remained fairly stable against its global counterparts. Trading at N438.5 against the United States Dollar; N507.5638 against the Pounds Sterling and N439.6401 to a Euro last week.
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
10/27/2022
US DOLLAR
437.5
438
438.5
10/27/2022
POUNDS STERLING
506.4063
506.985
507.5638
10/27/2022
EURO
438.6375
439.1388
439.6401
At the Investors and Exporters forex window, the Naira was exchanged at N444.75 to a United States Dollar on Friday as the daily turnover moderated to $61.89 million.
Crude Oil
In the early hours of Monday, oil prices dipped by $1 on reports that the Chinese factory data, the purchasing managers’ index contracted as concerns COVID-19 restrictions could slow down demand for the commodity.
Brent crude oil, the international benchmark for oil, dropped $1.10, or 1.2%, to $94.67 a barrel at 8:15 am Nigerian time. While the U.S. West Texas Intermediate (WTI) crude oil stood at $86.83 a barrel, down $1.07, or 1.2%.
However, on a monthly basis, Brent and WTI are up by 7.7% and 9.3% respectively. Their first monthly gain since May.
“The purchasing managers’ index (PMI) data contracting adds to the post-China congress party blues for oil markets. It is not difficult to draw a straight line from weaker PMIs to China’s COVID-zero policy,” said Stephen Innes, managing partner of SPI Asset Management.
“So long as COVID-zero remains entrenched, it will continue to thwart oil bulls.”
Cryptocurrency
The cryptocurrency space came alive during the weekend after Elon Musk reportedly announced plans to integrate cryptocurrency wallets into Twitter.
Dogecoin, a meme coined backed by Musk, gained 17% on Friday and added about 70% on Saturday to take its total gain to 87% within two days.
Bitcoin also picked up, rising above $20,500 a coin before pulling back 1.22% on Monday. Similarly, Eth, BNB and XRP have started paring gains amid a 72% decline in HUSD stablecoin after the Huobi exchange platform delisted it. HUSD dropped from $1 a coin to $0.28.
Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.
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.
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.
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.
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.
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.
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 ₦1155 and ₦1145 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 ₦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.
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.
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.
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.
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 ₦1145 and ₦1135 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 ₦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.
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.
