What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 2nd, 2023, the dollar to naira exchange rate is 1 USD to 1175 NGN at the black market.
This means that for every one US dollar, you can exchange it for ₦1175, 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 ₦1175 and ₦1170 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 ₦1175 and sold for ₦1170.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
1170
Selling Rate
1175
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
11/1/2023
US DOLLAR
815.016
815.516
816.016
11/1/2023
POUNDS STERLING
988.2069
988.8132
989.4194
11/1/2023
EURO
859.1899
859.717
860.2441
11/1/2023
SWISS FRANC
896.6073
897.1573
897.7074
11/1/2023
YEN
5.3917
5.3951
5.3984
11/1/2023
CFA
1.4522
1.4622
1.4722
11/1/2023
WAUA
1193.6511
1194.3834
1195.1157
11/1/2023
RIYAL
217.2449
217.3782
217.5115
11/1/2023
DANISH KRONA
115.0762
115.1468
115.2174
11/1/2023
SDR
1071.0125
1071.6696
1072.3266
News About Nigeria understands that although the dollar to naira opened at N1175 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 Thursday, November 2nd, 2023, individuals in the black market purchased one US dollar for N1175 and sold it for N1170. This shows that the value of the Naira has improved when compared to Wednesday, November 2nd, 2023 when the local currency was exchanged at N1180 to a Dollar and a Dollar was purchased at N1170.
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.
