What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 21st, 2023, the dollar to naira exchange rate is 1 USD to 1140 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1140, 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 ₦1140 and ₦1135 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 ₦1140 and sold for ₦1135.

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

Investors King understands that although the dollar to naira opened at N1140 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, November 21st, 2023, individuals in the black market purchased one US dollar for N1140 and sold it for N1135. This shows that the value of the Naira declined when compared to Monday, November 20th, 2023 when the local currency was exchanged at N1135 to a Dollar and a Dollar was purchased at N1130.

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.

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 9th, 2023, the dollar to naira exchange rate is 1 USD to 1030 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1030, 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 ₦1030 and ₦1010 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 ₦1030 and sold for ₦1010.

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

Investors King understands that although the dollar to naira opened at N1030 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, November 9th, 2023, individuals in the black market purchased one US dollar for N1030 and sold it for N1010. This shows that the value of the Naira has improved when compared to Wednesday, November 8th, 2023 when the local currency was exchanged at N1035 to a Dollar and a Dollar was purchased at N1010.

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.

Nigeria faced a disconcerting financial scenario as the exchange rate between the Nigerian naira and the US dollar plummeted to an unprecedented low of N999/$1 on October 19, 2023.

This significant depreciation in the national currency’s value was observed during intraday trading on the Nigerian Autonomous Foreign Exchange Market (NAFEM) as reported by the FMDQ.

The N999/$1 rate, although recorded as an intraday high, stirred concerns among market analysts who anticipate a potential further decline by the close of trading activities.

The unsettling trend extended beyond the official forex market, revealing additional cause for worry in unofficial trading. Notably, the black market, known as Peer-to-Peer (P2P) trading, experienced a surge in the exchange rate to N1,152/$1 during early afternoon trading.

This dramatic increase underscores the ongoing and consistent depreciation of the naira.

This financial development represents an ongoing trend in Nigeria, as just one day prior, the naira had already depreciated to N1,100 against the US dollar in the parallel market, while the official market rate remained at N790 per dollar.

The continuous erosion of the naira’s value against the US dollar poses formidable economic challenges for the nation and its populace.

The situation is rapidly evolving, and further updates will be provided as more information becomes available.

It underscores the critical need for effective measures to stabilize the naira and ensure the economic well-being of the country and its citizens.