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Black Market Rate

Dollar To Naira Black Market Exchange Rate For Today 11th January 2023

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Naira - Investors King

You can access the black market Dollar to Naira exchange rate for today, 11th January on Investors King.

This online 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 Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N743 and sell at N745 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 743
Selling Rate 745

The local currency (abokiFx) opened at N745.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 11th January 2023, in Lagos Nigeria, after it closed at N745.00 per $1 on Tuesday, 10th January 2023.

 

Factors Influencing Foreign Exchange Rates

 

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.

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Black Market Rate

Dollar to Naira Black Market Today, February 20th, 2024

As of February 20th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,710 NGN in the black market, also referred to as the parallel market or Aboki fx.

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Naira - Investors King

As of February 20th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,710 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,650 and sell it at N1,640 on Monday, February 19th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,710
  • Selling Rate: N1,700

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Black Market Rate

Black Market Dollar to Naira Exchange Rate Today, 18th January 2024

As of January 18th, 2024, the dollar to naira exchange rate is 1 USD to 1315 NGN at the black market.

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New Naira Notes

The Nigerian Naira exchange rate at the black market continues to fluctuate as market uncertainty deepens across the parallel market. As of January 18th, 2024, the dollar to naira exchange rate is 1 USD to 1315 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1315, 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 ₦1315 and ₦1305 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 ₦1315 and sold for ₦1305.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1305
Buying Rate ₦1315

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

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Black Market Rate

Black Market Dollar to Naira Exchange Rate Today 8th, January 2024

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of January 8th, 2024, the dollar to naira exchange rate is 1 USD to 1240 NGN at the black market.

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New Naira Notes

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of January 8th, 2024, the dollar to naira exchange rate is 1 USD to 1240 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1240, 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 ₦1240 and ₦1230 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 ₦1240 and sold for ₦1230.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1230
Buying Rate ₦1240

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

Investors King understands that although the dollar to naira opened at N1240 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, January 8th, 2023, individuals purchased one US dollar for ₦1240 in the black market and sold it for ₦1230. This shows that the value of the Naira declined when compared to Wednesday, January 3rd, 2023 when the local currency was exchanged at N1205 a Dollar and a Dollar was purchased at N1220.

To stay informed about the dollar to naira exchange rate, there are several 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.

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