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Black Market Dollar to Naira Exchange Rate Today 6th December 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 6th, 2023, the dollar to naira exchange rate is 1 USD to 1165 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 6th, 2023, the dollar to naira exchange rate is 1 USD to 1165 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1165, 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 ₦1165 and ₦1160 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 ₦1165 and sold for ₦1160.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 1160
Buying Rate 1165

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

Investors King understands that although the dollar to naira opened at N1165 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 Wednesday, December 6th, 2023, individuals in the black market purchased one US dollar for N1165 and sold it for N1160. This shows that the value of the Naira improved when compared to Tuesday, December 5th, 2023 when the local currency was exchanged at N1170 to a Dollar and a Dollar was purchased at N1160.

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 Dollar to Naira Exchange Rate Today, February 29th, 2024

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 NGN in the black market, also referred to as the parallel market or Aboki fx.

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NAIRA - Investors King

As of February 29th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,480 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,600 and sell it at N1,590 on Wednesday, February 28th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,480
  • Selling Rate: N1,470

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Naira

Black Market Dollar to Naira Exchange Rate Today, February 28th, 2024

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

New Naira notes

As of February 28th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,600 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,530 and sell it at N1,520 on Tuesday, February 27th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

  • Buying Rate: N1,600
  • Selling Rate: N1,590

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Forex

Nigeria’s Move $26 Billion Through Binance in One Year

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Binance - Investors King

Following the decision of the Central Bank of Nigeria (CBN) to raise the interest rate by 400 basis points to 22.75%, the Governor of the apex bank Olayemi Cardoso has heaped the blame on activity of Nigerian on Binance.

According to the governor, Nigerians traded and moved $26 billion through Binance in the last year.

“In the case of Binance, in the last year alone, $26 billion has flowed through Binance Nigeria from sources and users that we cannot adequately identify,” he stated.

Cardoso highlighted that this activity has contributed to the nation’s widening foreign exchange rate and subsequently affected Nigeria’s economy.

He assured that the CBN would address all pending verified forex requests and emphasized the bank’s commitment to safeguarding investors’ interests.

Cardoso mentioned that the CBN is collaborating closely with relevant government agencies to prevent market manipulation and optimize its performance.

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