Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦767 and ₦770, and the price can change (high or low) within hours.
How Much Is Black Market 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 N767 and sell at N770 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
767
Selling Rate
770
The local currency opened at N770.00 per $1 at the parallel market otherwise known as the black market today Thursday, 23rd February 2023, in Lagos Nigeria, after it closed at N770 per $1 on Wednesday, 22nd February 2023.
Even though the dollar to naira opened in the parallel market at N770 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize 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.
Investors King reports that in the black market, the players buy a dollar for N767 and sell for N770 on Thursday morning, February 23, 2023, after they purchased N768 and sold for N770 on Wednesday, 22nd February 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, News About Nigeria reported.
The US dollar extended its decline, reaching the lowest level since early August as swap traders increased bets on a Federal Reserve interest rate cut as early as May.
The Bloomberg Dollar Spot Index registered its fifth consecutive day of losses, reflecting concerns about a potential recession and dovish comments from the Fed that are prompting investors to speculate on a reversal of the central bank’s aggressive tightening cycle.
Global Head of Currency Strategy at Brown Brothers Harriman & Co., Win Thin, emphasized the dollar’s vulnerability, stating, “The dollar remains vulnerable until we see a shift in market expectations for the Fed, and that may be a 2024 story.”
He added, “With the dollar rally stalled, it will take some firm real sector data to challenge the current dovish Fed narrative.”
Amid these developments, the New Zealand dollar led gains among Group-of-10 peers, propelled by the central bank’s warning of potential rate hikes in the coming year.
Simultaneously, the Japanese yen strengthened to a two-month high as concerns about elevated US rates diminished.
The prevailing narrative suggests that unless there is a notable change in market expectations for the Fed, the dollar is likely to remain under pressure, with potential shifts anticipated in 2024.
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.
The dollar faced a fourth consecutive day of decline, setting it on course for its worst month since November last year.
This trend is bolstered by increasing optimism among traders regarding the Federal Reserve’s trajectory toward rate cuts.
The South Korean won and Thai baht led the gains in Asia, with the won experiencing its most significant jump in almost two weeks.
Simultaneously, Treasuries stabilized after a previous rally, with yields on the two-year note, sensitive to the Fed’s rate path, hitting a one-week low.
The market sentiment reflects a broader positive outlook, with Wall Street forecasters becoming more upbeat about the prospects for the coming year.
Improved investor sentiment and reduced expectations of a recession have fueled this optimism, along with the belief that the Fed has completed its rate-hiking cycle, prompting a rally in the S&P 500.
Liz Ann Sonders, Chief Investment Strategist at Charles Schwab, cautioned about the potential consequences of rate cuts, stating, “If the market is right in expecting that rate cuts could start maybe even at the end of the first quarter, in the first half, that would require to some degree a weaker economic and labor market backdrop than what we’re seeing right now.”
Despite the positive market sentiment, concerns about the economic and labor market backdrop persist.
The Bloomberg US Treasury Index has turned positive for the year, reflecting slowing inflation and measured job growth that triggered a rally and sent yields plummeting.
Traders are closely monitoring economic data this week, including the Fed’s preferred measure of underlying inflation.
Also, corporate earnings reports from prominent firms such as Crowdstrike Holdings Inc., Salesforce Inc., and Dell Technologies Inc. will provide insights into the evolving landscape of cybersecurity priorities and corporate expenditure.
The Fed’s expressed concern about inflation persisting above the 3% target adds a layer of complexity to the market’s reaction, as analysts anticipate potential pushback against implied easing and the recent rally in bonds and shares.
As investors navigate through these evolving dynamics, gold remains stable near its highest level since May, supported by lower Treasury yields and expectations of impending Fed interest rate cuts.
Meanwhile, oil prices extend their decline as the market weighs the possibility of deeper output cuts from OPEC+ against signs of supply outpacing demand.