Naira

Black Market Dollar to Naira Exchange Rate Today 9th, January 2024

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of January 9th, 2024, the dollar to naira exchange rate is 1 USD to 1250 NGN at the black market.

Published

12 months ago

January 9, 2024

Investors King

What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of January 9th, 2024, the dollar to naira exchange rate is 1 USD to 1250 NGN at the black market.

This means that for every one US dollar, you can exchange it for ₦1250, 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 ₦1250 and ₦1240 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 ₦1250 and sold for ₦1240.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Selling Rate	₦1240
Buying Rate	₦1250

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

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
1/5/2024	US DOLLAR	877.029	877.529	878.029
1/5/2024	POUNDS STERLING	1112.0728	1112.7068	1113.3408
1/5/2024	EURO	959.5574	960.1045	960.6515
1/5/2024	SWISS FRANC	1030.3442	1030.9316	1031.519
1/5/2024	YEN	6.0393	6.0428	6.0462
1/5/2024	CFA	1.5061	1.5161	1.5261
1/5/2024	WAUA	1220.3295	1221.0252	1221.7209
1/5/2024	RIYAL	233.837	233.9703	234.1036
1/5/2024	DANISH KRONA	128.6174	128.6907	128.764
1/5/2024	SDR	1172.4124	1173.0808	1173.7492

Investors King understands that although the dollar to naira opened at N1250 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, January 9th, 2023, individuals purchased one US dollar for ₦1250 in the black market and sold it for ₦1240. This shows that the value of the Naira declined when compared to Monday, January 8th, 2023 when the local currency was exchanged at N1240 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.