What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of October 31st, 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, News About Nigeria reports.
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 ₦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 News About Nigeria, 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 ₦1160.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
1160
Selling Rate
1170
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
10/30/2023
US DOLLAR
908.928
909.428
909.928
10/30/2023
POUNDS STERLING
1103.3477
1103.9546
1104.5616
10/30/2023
EURO
964.1908
964.7212
965.2516
10/30/2023
SWISS FRANC
1007.3457
1007.8998
1008.454
10/30/2023
YEN
6.0851
6.0884
6.0918
10/30/2023
CFA
1.2643
1.2743
1.2843
10/30/2023
WAUA
1046.0801
1046.6556
1047.231
10/30/2023
RIYAL
242.2645
242.3978
242.5311
10/30/2023
DANISH KRONA
129.1421
129.2132
129.2842
10/30/2023
SDR
1192.2409
1192.8967
1193.5526
News About Nigeria 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, October 31st, 2023, individuals in the black market purchased one US dollar for N1170 and sold it for N1160. This shows that the value of the Naira has improved when compared to Monday, October 23rd, 2023 when the local currency was exchanged at N1200 to a Dollar and a Dollar was purchased at N1160.
To stay informed about the dollar to naira exchange rate, there are a number of 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 News About Nigeria, 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.
