Naira

Naira to Dollar Black Market Exchange Rate October 5th, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of October 5th, 2023, the dollar to naira exchange rate is 1 USD to 1000 NGN at the black market.

Published

1 year ago

October 5, 2023

Temitayo Olukoya

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of October 5th, 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 ₦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 ₦1000 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
Buying Rate	990
Selling Rate	1000

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

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
10/4/2023	US DOLLAR	761.543	762.043	762.543
10/4/2023	POUNDS STERLING	926.1886	926.7967	927.4048
10/4/2023	EURO	800.7625	801.2882	801.814
10/4/2023	SWISS FRANC	831.5604	832.1064	832.6523
10/4/2023	YEN	5.1141	5.1175	5.1208
10/4/2023	CFA	1.1724	1.1824	1.1924
10/4/2023	WAUA	975.2551	975.8954	976.5357
10/4/2023	RIYAL	203.0402	203.1735	203.3068
10/4/2023	DANISH KRONA	107.3291	107.3996	107.4701
10/4/2023	SDR	997.0882	997.7429	998.3975

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 Thursday, October 5th, 2023, individuals in the black market purchased one US dollar for N1000 and sold it for N990. This shows that the value of the Naira improved when compared to Tuesday, October 3rd, 2023 when the local currency was exchanged at N1009 to a Dollar and a Dollar was purchased at N1000.

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.