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Dollar to Naira Exchange Rates in Nigeria’s Black Market – October 24, 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of October 24th, 2023, the dollar to naira exchange rate is 1 USD to 1235 NGN at the black market.

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1 month ago

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Naira Dollar Exchange Rate - Investors King

As of October 24, 2023, the black market exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1235 NGN, as reported by Investors King, a reputable digital business news platform.

Investors King has gathered comprehensive information regarding the current exchange rates in Nigeria, encompassing not only the black market rates but also the Bureau De Change (BDC) rates and the rates set by the Central Bank of Nigeria (CBN).

The exchange rate for the US dollar in the black market is currently at ₦1235 for buying and ₦1225 for selling, as of the time of this report.

This exchange rate, operating in the parallel market, remains subject to fluctuations influenced by global economic dynamics, political developments, and market shifts. However, as of this report, you can purchase one US dollar for ₦1235 or sell it for ₦1225.

According to Investors King, at the time of this report, the Lagos parallel market offers the US dollar for ₦1235 for buying and ₦1225 for selling.

For your reference, here are the latest exchange rates in the black market:

  • Dollar to Naira (USD to NGN)
    • Buying Rate: ₦1225
    • Selling Rate: ₦1235

The Central Bank of Nigeria (CBN) sets exchange rates for banks as follows:

Date Currency Buying (NGN) Central (NGN) Selling (NGN)
10/23/2023 US DOLLAR 794.926 795.426 795.926
10/23/2023 POUNDS STERLING 968.1404 968.7493 969.3583
10/23/2023 EURO 843.4165 843.947 844.4775
10/23/2023 SWISS FRANC 889.0795 889.6387 890.198
10/23/2023 YEN 5.3013 5.3046 5.3079
10/23/2023 CFA 1.3235 1.3335 1.3435
10/23/2023 WAUA 1089.8743 1090.5598 1091.2453
10/23/2023 RIYAL 211.9068 212.0401 212.1734
10/23/2023 DANISH KRONA 112.9798 113.0509 113.1219
10/23/2023 SDR 1042.5454 1043.2012 1043.8569

It’s worth noting that while the black market reported an opening rate of ₦1235 per $1, the Central Bank of Nigeria (CBN) does not recognize this parallel market and advises individuals seeking forex to approach their banks. The CBN designates the I&E window as the sole legitimate exchange platform.

Comparing today’s black market rates to Monday, October 23, 2023, the Naira’s value has depreciated, with the local currency being exchanged at ₦1200 to a Dollar on Monday, while the Dollar was purchased at ₦1180.

To keep yourself updated on the dollar-to-naira exchange rate, you can follow these reliable sources:

  1. Check the Central Bank of Nigeria’s website for official updates on exchange rates.
  2. Stay tuned to financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC for regular global currency market updates.
  3. Utilize online currency converters to swiftly check the exchange rate between the dollar and the naira.
  4. Follow the social media accounts of financial experts, analysts, economists, and financial advisors to gain insights into the latest currency market trends.

Being well-informed about the dollar-to-naira exchange rate is crucial for making informed decisions when dealing with foreign currencies, whether you’re a business owner engaged in foreign trade or an individual interested in currency market investments. Stay vigilant, and stay up-to-date with the latest developments in the global currency markets.

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Forex

Nigeria’s Forex Market Sees Sharp Drop in Turnover, Naira Faces Pressure Amidst Dollar Surge

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13 hours ago

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December 4, 2023

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Amidst economic challenges, Nigeria’s official foreign exchange market, the Nigerian Autonomous Foreign Exchange Market (NAFEM), grappled with a significant 14.96% dip in turnover from N4.15tn to N3.66tn ($4.66bn) in October.

The US dollar appreciated 5.34% against the United States Dollar to close at an average of N797.43.

In the midst of this, the exchange rate volatility surged, showcasing a wide range of fluctuations between N741.85 and N993.82.

This unsettling trend in October marked the lowest point of the naira since the Central Bank of Nigeria’s market harmonization in June.

The Financial Markets Monthly Report from FMDQ revealed a broader economic impact, with total spot market turnover for all secondary market products dropping by 4.02% to N20.48tn in October.

The decrease was fueled by a collective decline in Money Market and Foreign Exchange activities, overshadowing the notable 29.04% increase in fixed income turnover.

As the country grapples with these challenges, the forex dynamics emphasize the need for strategic measures to stabilize the currency and restore market confidence.

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Black Market Rate

Black Market Exchange Rate Today 4th December 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 4th, 2023, the dollar to naira exchange rate is 1 USD to 1155 NGN at the black market.

Published

14 hours ago

on

December 4, 2023

By

Naira Exchange Rates - Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 4th, 2023, the dollar to naira exchange rate is 1 USD to 1155 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1155, 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 ₦1155 and ₦1150 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 ₦1155 and sold for ₦1150.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 1150
Buying Rate 1155

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

Investors King understands that although the dollar to naira opened at N1155 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, December 4th, 2023, individuals in the black market purchased one US dollar for N1155 and sold it for N1150. This shows that the value of the Naira was mixed when compared to Friday, December 1st, 2023 when the local currency was exchanged at N1160 to a Dollar and a Dollar was purchased at N1150.

To stay informed about the dollar to naira exchange rate, there are several 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.

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Naira

Black Market Exchange Rate Today 1st December 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 1st, 2023, the dollar to naira exchange rate is 1 USD to 1160 NGN at the black market.

Published

4 days ago

on

December 1, 2023

By

naira

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 1st, 2023, the dollar to naira exchange rate is 1 USD to 1160 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1160, 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 ₦1160 and ₦1150 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 ₦1160 and sold for ₦1150.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 1150
Buying Rate 1160

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

Investors King understands that although the dollar to naira opened at N1160 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 Friday, December 1st, 2023, individuals in the black market purchased one US dollar for N1160 and sold it for N1150. This shows that the value of the Naira declined when compared to Monday, November 27th, 2023 when the local currency was exchanged at N1155 to a Dollar and a Dollar was purchased at N1145.

To stay informed about the dollar to naira exchange rate, there are several 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.

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