What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 27th, 2023, the dollar to naira exchange rate is 1 USD to 1000 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1000, 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 ₦1000 and ₦995 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 ₦1000 and sold for ₦995.

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

Investors King understands that although the dollar to naira opened at N1000 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 Wednesday, September 27th, 2023, individuals in the black market purchased one US dollar for N1000 and sold it for N995. This shows that the value of the Naira declined further when compared to Tuesday, September 26th, 2023 when the local currency was exchanged at N995 to a Dollar and a Dollar was purchased at N990.

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.

Nigeria’s economic woes seem to be deepening as the Naira continues its steep decline, reaching N980 against the US Dollar on the black market.

This alarming depreciation has sent shockwaves through the nation, raising questions about the stability of the country’s financial system and the effects of Naira devaluation.

However, as the Nigerian Naira continued to decline against its global counterparts, cryptocurrency attraction surged across the country.

According to a recent report by Chainalysis, Naira devaluation in 2022 has driven cryptocurrency transaction volume to $56.7 billion year-on-year, defying the Central Bank of Nigeria’s ban on crypto-related activities in the banking sector.

While the ban, implemented in February 2021, was expected to limit cryptocurrency transactions in the country and compel Nigerians to make payments using the central bank’s channels, more Nigerians continue to jump on cryptocurrency. Making Nigeria the second-highest crypto adopter.

Commenting on the report, Chainalysis said, “These dynamics are reflected in the data. Interest in Bitcoin and stablecoins has generally risen as the Naira’s value has decreased, particularly during the most recent extremely steep drops in June and July of 2023.”

The firm attributes Nigeria’s growing crypto economy to citizens seeking to preserve the value of their savings amidst rising inflation and debt. It also points out that crypto adoption may be a solution to Nigeria’s economic challenges, which have been exacerbated by political instability, the COVID-19 pandemic, and plummeting oil prices.

As Nigeria grapples with its currency’s decline, the crypto market offers a glimmer of hope. Despite regulatory constraints, Nigerians are turning to cryptocurrencies to secure their financial future, creating a unique financial landscape where digital assets thrive in the face of traditional currency devaluation.

The Nigerian naira showed resilience in the official foreign exchange market, gaining against the US dollar while the black market witnessed an unexpected surge.

The official market witnessed a significant boost as the naira’s value appreciated by 2.96 percent, marking a positive development for the nation’s economy.

According to data obtained from FMDQ Exchange, the dollar’s price plummeted by N23.09, closing at N756.91/$1, compared to the N780/$1 rate reported just the day before. Investors and traders in the official window engaged in active trading, with the dollar reaching a high of N804.14/$1 and a low of N720/$1.

Surprisingly, despite the drop in the dollar’s value, authorized dealers and their clients recorded $45.88 million in foreign exchange transactions. However, this figure marked a noticeable decline of $23.86 million, representing a 34.21 percent decrease from the previous trading session of $69.74 million.

Meanwhile, the black market depicted a contrasting picture, with the dollar’s rate surging to an astonishing N960/$1, as reported by AbokiFX.

This sudden rise of N5 from the previous day’s N955/$1 left many in the financial market astounded.

In parallel developments, the naira also gained against the British pound, closing at N1220/£1, a N10 increase from the previous day’s N1210/£1.

Similarly, the European currency, the euro, saw an appreciation of N10, reaching N1015/€1, compared to Thursday’s N1005/€1 rate.

The simultaneous trends in the official and black markets underscore the volatility of the foreign exchange market in Nigeria and the challenges faced by policymakers in maintaining stability.

As traders and investors closely monitor these developments, the central bank’s interventions and market dynamics will continue to shape the exchange rate landscape in the days to come.