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How Much is Dollar to Naira Today December 5th 2023 in Black Market

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.

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New Naira Notes

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 5th, 2023, the dollar to naira exchange rate is 1 USD to 1170 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1170, 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 ₦1170 and ₦1165 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 ₦1170 and sold for ₦1165.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 1165
Buying Rate 1170

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

Investors King understands that although the dollar to naira opened at N1170 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, December 5th, 2023, individuals in the black market purchased one US dollar for N1170 and sold it for N1165. This shows that the value of the Naira declined when compared to Friday, December 1st, 2023 when the local currency was exchanged at N1155 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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Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

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Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

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Merger and Acquisition

EnjoyCorp Limited Secures Strategic Acquisition of Champion Breweries Plc

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Champion Breweries

EnjoyCorp Limited, a conglomerate known for its ventures in food, beverage, and hospitality, has successfully secured a strategic acquisition deal with Heineken B.V.

The agreement entails EnjoyCorp acquiring 100% of Heineken’s shareholding in The Raysun Nigeria Company Limited, which holds an 86.5% stake in Champion Breweries Plc, a prominent regional brewer listed on the Nigerian Exchange Limited (NGX).

The transaction, subject to regulatory approvals, is anticipated to conclude in the second quarter of 2024.

Heineken will extend its support to Champion Breweries for a year post-acquisition, ensuring a seamless transition of ownership.

This acquisition marks EnjoyCorp’s strategic entry into the beverage sector, aligning with its vision of catering to the diverse tastes of the African consumer market.

By integrating Champion Breweries as an anchor subsidiary, EnjoyCorp aims to strengthen its foothold in the industry.

EnjoyCorp, known for its mission to enrich life’s moments through quality brands and sustainability, sees this acquisition as a pivotal step in its journey toward transformative growth.

With a focus on innovation and community engagement, EnjoyCorp endeavors to inspire consumers to cherish life’s moments responsibly.

The acquisition underscores EnjoyCorp’s commitment to shaping the future of the beverage industry in Africa.

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Company News

Apple’s Ambitious Electric Car Effort Comes to an End, Stock Rises

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inside apple company

Apple Inc. has announced the termination of its decade-long effort to develop an electric car, marking the end of one of the company’s most ambitious projects.

The decision was disclosed internally on Tuesday, surprising nearly 2,000 employees involved in the project, according to sources familiar with the matter.

Chief Operating Officer Jeff Williams and Vice President Kevin Lynch, who spearheaded the effort, informed staff that the project would wind down.

Many employees from the car team, known as the Special Projects Group, will transition to Apple’s artificial intelligence division under executive John Giannandrea, focusing on generative AI projects.

The news brought a sense of relief to investors, with Apple’s stock climbing approximately 1% to $182.63 at the close of trading in New York.

Elon Musk, CEO of Tesla Inc., also celebrated the decision, signaling approval with a post on social media.

The end of the electric car project, named Project Titan, is a significant shift for Apple, which initially aimed to produce a fully autonomous electric vehicle with advanced features.

However, the endeavor faced challenges from its inception, including leadership changes and strategic shifts.

Despite investing substantial resources and talent, Apple found itself grappling with a cooling market for electric vehicles, sluggish sales growth, and manufacturing hurdles.

The company explored various designs and tested self-driving technology extensively but ultimately struggled to achieve breakthroughs in the competitive automotive industry.

Apple’s decision underscores its strategic shift towards prioritizing generative AI projects over automotive ventures.

While the end of the electric car project marks a notable chapter in Apple’s history, it signifies the company’s adaptability and focus on areas with long-term profitability potential.

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