Aboki Forex: Naira to Dollar Black Market Today, December 2, 2023

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exchange rates, December 2, 2023.

What is the rates

Navigating the dynamic economic terrain, the importance of the existing black market between the Dollar and Naira cannot be overstated. Commencing from December 2, 2023, we delve into an in-depth analysis of the current rate, providing a comprehensive overview sourced from various outlets. Stay tuned for informative updates on this crucial aspect of Nigeria’s economic landscape.

10 Crucial News in Nigeria from Major Nigerian Newspapers, Dec 1, 2023

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to Naira Today Black Market –

The Rates are tabulated below:

Reports from bureau de change (BDC) operators reveal the following black market rates:

  • Buying: ₦1162 for $1
  • Selling: ₦1165 for $1

Street vendors are acquiring US dollars at ₦1162 and reselling them at ₦1165, showcasing a notable disparity compared to the official rate for the Dollars to Nairas.

Pound to Naira rate

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    • BUY: dollar to pound 1455
    • SELL: pound to euro 1470

Euro to Naira rate

    • BUY: dollar to euro 1255
    • SELL: dollar to euro 1275

Canadian rate

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    • BUY: dollar to canadian dollar 900
    • SELL: dollar to rand 950

South African Rand to Naira rate

    • BUY: zar to dollar 50
    • SELL: yuan to dollar 65

UAE Dirham to Naira rate

    • BUY: dollar to yuan 290
    • SELL: dirham to dollar 310

Chinese Yuan to Naira rate

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    • BUY: euro to dirham 125
    • SELL: pound to yuan 135

Ghanaian Cedi to Naira rate

    • BUY: dollar to cedi 85
    • SELL: pound to yuan 100

West African CFA franc to Naira rate

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    • BUY: dollar to xof1735
    • SELL: dollar to xaf1750

Central African CFA franc to Naira rate

    • BUY: dollar to xaf1650
    • SELL: euro to xaf1700

Australian Dollar () to Naira rate

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    • BUY: aussie to naira600
    • SELL: australian dollar to naira650

Exchange Rates Yesterday:

For reference, the black market closed at ₦1167/$1, determined by the average dollar to naira rates traded at various platforms.

 

Official Bank Rates ():

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The Central Bank of Nigeria (CBN) sets the official exchange rate:

  • Buying: ₦831.47 for $1
  • Selling: ₦833.48 for $1

Under these official rates, the CBN acquires one for ₦831.47 and sells it for ₦833.48 through authorized dealers.

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Dollar to Naira Bank Rates Today:

Data from various banks indicates the average Dollar to Naira Exchange Rate Today:

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GTBank:

    • Buying: ₦980 for $1
    • Selling: ₦990 for $1

Access Bank:

    • Buying: ₦993/
    • Selling: ₦990/USD

Zenith Bank:

    • Buying: ₦993/USD
    • Selling: ₦997/USD

Guaranty Trust Bank (GTBank):

    • Buying: ₦997.83/USD
    • Selling: ₦990/USD

First Bank of Nigeria fx rate:

    • Buying: ₦980/USD
    • Selling: ₦975/USD

United Bank for Africa (UBA) Exchange rate:

    • Buying: ₦991.83/USD
    • Selling: ₦997.83/USD

Inquiries Regarding Aboki Dollar to Naira Black Market Exchange Rate Today:

Does Aboki Forex Engage in Currency Trading or Exchange?

Answer: No, Aboki Forex is not involved in the trading or exchange of currencies. It serves as an informational platform, providing details on currency exchange rates across different markets.

How Can I Exchange Currency?

Answer: To exchange currency, contact your local currency exchange market or a bank. They will provide current exchange rates and assist in the exchange process.

 

Is the Accuracy of Black Market Exchange Rates Consistent Across All Markets?

Answer: No, Black Market Rates provided by Aboki Forex may not exhibit uniform accuracy across all markets. These rates serve as representative averages in local markets and can fluctuate between different locations due to the lack of regulation.

What Sets Apart CBN, I&E, and black market exchange rates.

Answer: CBN rates are established by the Nigerian central bank for official purposes. Investors’ and Exporters’ (I&E) rates are regulated for investment and foreign exchange transactions. Black Market Rates represent unofficial rates in the unregulated market, differing substantially from CBN and I&E rates.

Dollar to naira today black market exchange rates

Influential Factors in Dollar to naira today exchange rates depreciation:

The fluctuation of the naira against the USD is shaped by a multitude of factors. These encompass volatile oil prices, foreign exchange reserves, exchange rate policies, inflation, economic uncertainty, global economic conditions, market speculation, balance of trade, government policies, and overall economic performance.

Understanding the intricacies of these components provides insight into the complex dynamics that shape the exchange rate landscape in Nigeria.

The current exchange rates between the Dollar and Naira in the black market play a pivotal role as an economic indicator, showcasing fluctuations across various markets. Stay well-informed by regularly checking this website for daily updates on dollar to naira rates and the latest news in Nigeria.

 

Since the appointment of Dr. Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria by President Bola Ahmed Tinubu, the nation’s currency has encountered ongoing instability, characterized by consistent depreciation.

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