Forex

Dollar to Naira Black Market Exchange Rate Today 20th December 2023

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of December 20th, 2023, the dollar to naira exchange rate is 1 USD to 1230 NGN at the black market.

Published

1 year ago

December 20, 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 20th, 2023, the dollar to naira exchange rate is 1 USD to 1230 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1230, 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 ₦1230 and ₦1225 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 ₦1230 and sold for ₦1225.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	1225
Buying Rate	1230

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

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
12/18/2023	US DOLLAR	854.841	855.341	855.841
12/18/2023	POUNDS STERLING	1082.8271	1083.4604	1084.0938
12/18/2023	EURO	934.3412	934.8877	935.4342
12/18/2023	SWISS FRANC	983.933	984.5085	985.084
12/18/2023	YEN	5.9792	5.9827	5.9862
12/18/2023	CFA	1.4994	1.5094	1.5194
12/18/2023	WAUA	1220.3844	1221.0982	1221.812
12/18/2023	RIYAL	227.8543	227.9876	228.1209
12/18/2023	DANISH KRONA	125.2955	125.3688	125.4421
12/18/2023	SDR	1146.1708	1146.8412	1147.5116

Investors King understands that although the dollar to naira opened at N1230 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 20th, 2023, individuals in the black market purchased one US dollar for N1230 and sold it for N1225. This shows that the value of the Naira improved when compared to Tuesday, December 19th, 2023 when the local currency was exchanged at N1235 to a Dollar and a Dollar was purchased at N1230.

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.