Naira to Dollar Black Market Exchange Rate October 23rd, 2023
What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of October 23rd, 2023, the dollar to naira exchange rate is 1 USD to 1200 NGN at the black market.
This means that for every one US dollar, you can exchange it for ₦1200, 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 ₦1200 and ₦1180 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 ₦1200 and sold for ₦1180.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
1180
Selling Rate
1200
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
10/20/2023
US DOLLAR
831.578
832.078
832.578
10/20/2023
POUNDS STERLING
1009.702
1010.3091
1010.9162
10/20/2023
EURO
879.7264
880.2553
880.7843
10/20/2023
SWISS FRANC
931.2184
931.7783
932.3382
10/20/2023
YEN
5.5457
5.549
5.5524
10/20/2023
CFA
1.3638
1.3738
1.3838
10/20/2023
WAUA
1125.1194
1125.7959
1126.4724
10/20/2023
RIYAL
221.6123
221.7455
221.8788
10/20/2023
DANISH KRONA
117.854
117.9249
117.9957
10/20/2023
SDR
1090.6145
1091.2703
1091.926
Investors King understands that although the dollar to naira opened at N1200 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 Monday, October 23rd, 2023, individuals in the black market purchased one US dollar for N1200 and sold it for N1180. This shows that the value of the Naira declined further when compared to Friday, October 20th, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1045.
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.