As of April 29, 2023, the dollar to naira exchange rate is 1 USD to 736 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦736, Investors King reports.
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 ₦740 and ₦736 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 ₦740 and sold for ₦736.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
740
Selling Rate
736
Investors King understands that although the dollar to naira opened at N736 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 Saturday, April 29th, 2023, individuals in the black market purchased one US dollar for N740 and sold it for N736. This shows that the value of the Naira was largely unchanged when compared to Friday, April 28th, 2023, when the local currency was exchanged at N733 and sold for N740.
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.
As of May 11th, 2023, the dollar to naira exchange rate is 1 USD to 735 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦735, Investors King reports.
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 ₦742 and ₦735 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 ₦742 and sold for ₦735.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
742
Selling Rate
735
Investors King understands that although the dollar to naira opened at N735 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, May 11th, 2023, individuals in the black market purchased one US dollar for N742 and sold it for N735. This shows that the value of the Naira declined slightly when compared to Wednesday, May 3rd, 2023, when the local currency was exchanged at N738 and sold for N741.
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 Nigerian Naira has appreciated against the US dollar in the Investors and Exporters (I&E) window of the foreign exchange market, despite a decline in turnover.
This comes as the naira appreciated by 50 kobo to N463 per dollar on April 28th, compared to N463.5 per dollar traded on April 3rd, 2023.
According to Investors King analysis of monthly transactions in the I&E window as published by FMDQ, turnover fell by 46% month-on-month to $1.4 billion in April 2023 from $2.6 billion in March. However, this sharp decline in turnover sharply contradicts the 52.9% increase recorded in March from $1.7 billion in February.
Weekly analysis of transactions in April showed that turnover stood at $411.73 million in the first week and fell by 28% to $293.25 million in the second week. In the third week, turnover rose by 27% to $375.02 million, and in the fourth week, it fell by 14% to $320.47 million.
Despite the decline in turnover, the naira appreciated by N7 in the parallel market during the review period. Investors King gathered from black market traders that the exchange rate at that section of forex fell to N740 per dollar on April 28th from N747 per dollar on April 3rd, 2023.
However, analysts project a possible depreciation of the naira in the coming months due to the depletion of the nation’s foreign reserve coupled with the CBN’s hike in inflation rate to 17.5% in January.
According to analysts at Financial Derivatives Company (FDC), the constant depletion of the external reserves is a result of the CBN’s increased supply of forex to support the naira.
FDC further stated that improved measures to fight against oil theft and other insecurity issues in the oil sector are expected to increase external reserves, but high subsidy payments are likely to create a decline in oil earnings. The continuous depletion of the external reserves is likely to limit the CBN’s ability to support the naira, which could lead to further depreciation of the currency.
In light of this, the Nigerian government has been urged to strengthen external reserves to stabilize the naira and prevent a possible depreciation in the coming months.
As of May 3rd, 2023, the dollar to naira exchange rate is 1 USD to 738 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦738, Investors King reports.
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 ₦741 and ₦738 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 ₦741 and sold for ₦738.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
741
Selling Rate
738
Investors King understands that although the dollar to naira opened at N738 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, May 3rd, 2023, individuals in the black market purchased one US dollar for N741 and sold it for N738. This shows that the value of the Naira declined slightly when compared to Friday, April 28th, 2023, when the local currency was exchanged at N736 and sold for N740.
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.
Fintech4 weeks ago
