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

1 year ago

December 1, 2023

Investors King

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

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
11/29/2023	US DOLLAR	822.762	823.262	823.762
11/29/2023	POUNDS STERLING	1044.8255	1045.4604	1046.0954
11/29/2023	SWISS FRANC	939.5478	940.1188	940.6897
11/29/2023	YEN	5.5773	5.5807	5.5841
11/29/2023	CFA	1.3496	1.3596	1.3696
11/29/2023	WAUA	1092.8802	1093.5443	1094.2085
11/29/2023	RIYAL	219.3213	219.4546	219.5879
11/29/2023	DANISH KRONA	121.203	121.2766	121.3503
11/29/2023	SDR	1097.1531	1097.8199	1098.4866
11/29/2023	YUAN/RENMINBI	115.4268	115.4969	115.5671

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.