What is the Dollar to Naira exchange rate at the parallel market, known as the black market (Abokifx) today? As of November 8th, 2023, the dollar to naira exchange rate is 1 USD to 1035 NGN at the black market.
This means that for every one US dollar, you can exchange it for ₦1035, 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 ₦1035 and ₦1010 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 ₦1035 and sold for ₦1010.
Exchange Rate of Dollar To Naira in Black Market Today?
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate
1010
Buying Rate
1035
Central Bank of Nigeria (CBN) Naira Exchange Rates for Banks
Date
Currency
Buying(NGN)
Central(NGN)
Selling(NGN)
11/7/2023
US DOLLAR
802.81
803.31
803.81
11/7/2023
POUNDS STERLING
986.8141
987.4287
988.0433
11/7/2023
EURO
856.7588
857.2924
857.826
11/7/2023
SWISS FRANC
890.7245
891.2793
891.834
11/7/2023
YEN
5.33
5.3334
5.3367
11/7/2023
CFA
1.2624
1.2724
1.2824
11/7/2023
WAUA
1033.583
1034.2268
1034.8705
11/7/2023
RIYAL
213.9971
214.1303
214.2636
11/7/2023
DANISH KRONA
114.8611
114.9326
115.0041
11/7/2023
SDR
1060.8331
1061.4938
1062.1545
News About Nigeria understands that although the dollar to naira opened at N1035 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, November 8th, 2023, individuals in the black market purchased one US dollar for N1035 and sold it for N1010. This shows that the value of the Naira has improved when compared to Tuesday, October 31st, 2023 when the local currency was exchanged at N1170 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.
