Black Market Exchange Rate Today 16th November 2023
What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 16th, 2023, the dollar to naira exchange rate is 1 USD to 1150 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 November 16th, 2023, the dollar to naira exchange rate is 1 USD to 1150 NGN at the black market.
This means that for every one US dollar, you can exchange it for ₦1150, 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 ₦1150 and ₦1130 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 ₦1150 and sold for ₦1130.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
1130
Buying Rate
1150
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
11/14/2023
US DOLLAR
843.081
843.581
844.081
11/14/2023
POUNDS STERLING
1046.6008
1047.2215
1047.8422
11/14/2023
EURO
910.1902
910.73
911.2698
11/14/2023
SWISS FRANC
941.3589
941.9172
942.4754
11/14/2023
YEN
5.5844
5.5877
5.5911
11/14/2023
CFA
1.5493
1.5593
1.5693
11/14/2023
WAUA
1268.1078
1268.8598
1269.6119
11/14/2023
RIYAL
224.7796
224.9129
225.0463
11/14/2023
DANISH KRONA
121.9718
122.0441
122.1164
11/14/2023
SDR
1109.4946
1110.1526
1110.8106
Investors King understands that although the dollar to naira opened at N1150 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 16th, 2023, individuals in the black market purchased one US dollar for N1150 and sold it for N1130. This shows that the value of the Naira declined when compared to Tuesday, November 12th, 2023 when the local currency was exchanged at N1140 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.
