Naira to Dollar Black Market Exchange Rate October 7th, 2023
What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of October 7th, 2023, the dollar to naira exchange rate is 1 USD to 1000 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 October 7th, 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.
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 ₦992 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 ₦992.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
992
Selling Rate
1000
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
10/6/2023
US DOLLAR
758.708
759.208
759.708
10/6/2023
POUNDS STERLING
925.5479
926.1578
926.7678
10/6/2023
EURO
800.3611
800.8885
801.416
10/6/2023
SWISS FRANC
831.0055
831.5531
832.1008
10/6/2023
YEN
5.0828
5.0861
5.0895
10/6/2023
CFA
1.219
1.229
1.239
10/6/2023
WAUA
1010.126
1010.7917
1011.4574
10/6/2023
RIYAL
202.2844
202.4177
202.551
10/6/2023
DANISH KRONA
107.3031
107.3738
107.4445
10/6/2023
SDR
995.5008
996.1568
996.8129
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 Saturday, October 7th, 2023, individuals in the black market purchased one US dollar for N1000 and sold it for N992. 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.
