What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of September 26th, 2023, the dollar to naira exchange rate is 1 USD to 995 NGN at the black market.
This means that for every one US dollar, you can exchange it for ₦995, 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 ₦995 and ₦990 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 ₦995 and sold for ₦990.
Exchange Rate of Dollar To Naira in Black Market Today?
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Investors King understands that although the dollar to naira opened at N995 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, September 26th, 2023, individuals in the black market purchased one US dollar for N995 and sold it for N990. This shows that the value of the Naira declined further when compared to Monday, September 25th, 2023 when the local currency was exchanged at N985 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.
Dollar Sees Uptick, But November Nears Steepest Monthly Decline in a Year
Euro Weakens as Weak French Data Fuels Rate Cut Speculation
The euro faced a decline and German government bonds experienced an upswing following disappointing French economic data, intensifying speculations about potential rate cuts by the European Central Bank (ECB).
The euro exhibited a 0.4% weakening against the dollar while ten-year bund yields dropped four basis points, indicating growing anticipation of an earlier initiation of ECB interest-rate reductions in the coming year.
The Stoxx 600 index slightly receded, marking a moderate adjustment to its most impressive month since January. Concurrently, US equity futures maintained stability with minimal changes.
US Treasuries, however, experienced a brief pause in their November rally as investors awaited further signals regarding the potential timing of a shift towards rate cuts in the upcoming year.
The upcoming data on Thursday is projected to demonstrate a deceleration in the personal consumption expenditures price index, the Federal Reserve’s preferred inflation metric.
“The PCE inflation data for October is most likely going to echo what we already saw in the October CPI and PPI reports and add to the soft-landing narrative,” stated Evelyne Gomez-Liechti, a multi-asset strategist at Mizuho International Plc in London.
The French economy contracted by 0.1%, coupled with a decline in November inflation to the lowest level this year.
Markets are now pricing in a quarter-point reduction in ECB rates by April.
Investors are closely watching for signals from Fed Chair Jerome Powell’s speech on Friday, considering it a potential litmus test for market sentiment and the Fed’s stance on monetary policy.
Analysts caution against excessive optimism in the market, urging prudence in evaluating the forward curve and expecting clarity from Powell’s statements later this week.
Dollar Hits Four-Month Low as Rate Cut Speculations Grow
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.
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