Connect with us

Black Market Rate

Dollar to Naira Black Market Exchange Rate Today 3rd January 2024

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of January 3rd, 2024, the dollar to naira exchange rate is 1 USD to 1220 NGN at the black market.

Published

on

New Naira Notes

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of January 3rd, 2024, the dollar to naira exchange rate is 1 USD to 1220 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1220, 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 ₦1220 and ₦1205 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 ₦1220 and sold for ₦1210.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1210
Buying Rate ₦1220

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

Investors King understands that although the dollar to naira opened at N1220 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, January 3rd, 2023, individuals purchased one US dollar for ₦1220 in the black market and sold it for ₦1210. This shows that the value of the Naira improved when compared to Friday, December 29th, 2023 when the local currency was exchanged at N1205 a Dollar and a Dollar was purchased at N1215.

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.

Continue Reading
Comments

Black Market Rate

EFCC Raids Wuse Zone 4 Market, Clashes with Bureau De Change Operators

Published

on

EFCC

Tensions escalated in the bustling Wuse Zone 4 Market as operatives from the Economic and Financial Crimes Commission (EFCC) conducted a raid targeting Bureau De Change (BDC) operators on Tuesday.

The raid, intended to curb illegal currency trading and enforce regulatory compliance, quickly turned confrontational, resulting in clashes between the EFCC agents and currency traders.

Eyewitnesses reported scenes of chaos as the operatives attempted to apprehend BDC operators, who resisted the arrests vehemently.

The situation escalated to the point where gunshots were fired, and vehicles belonging to the EFCC were damaged.

Two currency traders, speaking anonymously, confirmed the events, citing frustration and desperation among the traders as the underlying cause of the resistance.

According to one witness, who requested anonymity for fear of reprisal, the traders’ reaction was fueled by their perception that the EFCC’s arrests were becoming excessively frequent and motivated primarily by a desire to extort money from them.

“Yesterday (Monday), they arrested traders, but they faced resistance today. People are getting tired and desperate,” the witness explained.

Another trader echoed similar sentiments, warning that continued raids by the anti-corruption agency could escalate into violence and potentially lead to fatalities. “If this thing continues like this, that means they would kill people,” the trader cautioned.

The growing frustration among traders stems from their belief that the EFCC’s actions, which often culminate in monetary fines, serve more as revenue-generating measures than effective regulatory enforcement.

The EFCC’s resurgence in raiding activities is part of its broader efforts to stabilize the Nigerian naira and combat illegal currency speculation.

In recent weeks, the commission has intensified its crackdown on suspected currency speculators and fraudulent foreign exchange practices.

However, despite these efforts, the naira has continued to depreciate, reflecting the challenges facing Nigeria’s foreign exchange market.

Traders at the Wuse Zone 4 Market highlighted the market’s volatility, with fluctuations in exchange rates making it increasingly difficult to predict trading outcomes. One trader, identified as Malam Yahu, expressed concern over the market’s instability and the challenges it poses for traders.

“Right now, the market is just fluctuating, and the naira is not stable at all,” he lamented. Yahu highlighted the impact of the EFCC raids on trading activities, noting how traders refrained from transactions to avoid potential losses.

At the official market, data from the FMDQ exchange securities revealed a sharp depreciation of the naira, raising concerns about rapid fluctuations and market volatility.

The intraday high and low of the naira against the dollar further underscored the challenges facing Nigeria’s foreign exchange market.

As the EFCC continues its crackdown on illicit currency trading, the clashes in the Wuse Zone 4 Market serve as a stark reminder of the underlying tensions and frustrations prevalent among currency traders.

The agency faces the daunting task of balancing enforcement actions with addressing the root causes of illegal trading, amidst ongoing challenges in Nigeria’s foreign exchange market.

Continue Reading

Black Market Rate

Dollar to Naira Black Market Today, February 20th, 2024

As of February 20th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,710 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

on

Naira - Investors King

As of February 20th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,710 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 N1,650 and sell it at N1,640 on Monday, February 19th, 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: N1,710
  • Selling Rate: N1,700

Continue Reading

Black Market Rate

Black Market Dollar to Naira Exchange Rate Today, 18th January 2024

As of January 18th, 2024, the dollar to naira exchange rate is 1 USD to 1315 NGN at the black market.

Published

on

New Naira Notes

The Nigerian Naira exchange rate at the black market continues to fluctuate as market uncertainty deepens across the parallel market. As of January 18th, 2024, the dollar to naira exchange rate is 1 USD to 1315 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1315, 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 ₦1315 and ₦1305 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 ₦1315 and sold for ₦1305.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1305
Buying Rate ₦1315

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

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending