Dollar to Naira Exchange Rates Today: November 19, 2023.
What is the Dollar to Naira black market exchange rate today?
As the economic landscape evolves, here’s a comprehensive overview of the current Dollar to Naira exchange rates, covering both the black market and official bank rates across various platforms
Dollar to Naira Black Market Exchange Rate Today:
Reports from bureau de change (BDC) operators indicate the Dollar to Naira black market exchange rate today:
- Buying: ₦1130 for $1
- Selling: ₦1135 for $1
Providing context to these figures, street vendors are acquiring a US dollar from customers at ₦1130 and reselling it for ₦1135. This reveals a noticeable disparity when compared to the official exchange rate for the Dollar to Naira.
Dollar to Naira Black Market Exchange Rate Yesterday: For reference, the Dollar to Naira exchange rate at the black market closed at ₦1135/$1. It’s important to note that this closing rate is determined by the average dollar to naira rates traded at various platforms.
Official Bank Rates (CBN): The Central Bank of Nigeria (CBN) sets the official exchange rates, and the current rates are as follows:
- Buying: ₦839 for $1
- Selling: ₦840 for $1
Under these official rates, the CBN acquires one US dollar for ₦839 and sells it for ₦840 through authorized dealers.
Dollar to Naira Bank Rates Today: Data indicates that the average Dollar to Naira Exchange Rate Today at various banks are as follows:
- Buying: ₦980 for $1
- Selling: ₦990 for $1
- Buying: ₦993/USD
- Selling: ₦990/USD
- Buying: ₦993/USD
- Selling: ₦997/USD
Guaranty Trust Bank (GTBank):
- Buying: ₦997.83/USD
- Selling: ₦990/USD
First Bank of Nigeria:
- Buying: ₦980/USD
- Selling: ₦975/USD
United Bank for Africa (UBA):
- Buying: ₦991.83/USD
- Selling: ₦997.83/USD
These rates highlight the variations in the Dollar to Naira exchange across different banking institutions.
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?
- Is the Accuracy of Black Market 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 due to the lack of regulation, they can fluctuate between different locations.
- What Sets Apart CBN, I&E, and Black Market 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. In contrast, Black Market Rates represent unofficial rates in the unregulated market, where currencies are exchanged outside official channels. These rates can substantially differ from CBN and I&E rates.
Influential Factors in the Naira’s Depreciation Against the US Dollar:
The depreciation of the naira against the US dollar in Nigeria is influenced by multiple factors, including fluctuating oil prices, foreign exchange reserves, exchange rate policies, inflation, economic uncertainty, global economic factors, market speculation, balance of trade, government policies, and overall economic performance.
Understanding these factors provides insight into the complex dynamics shaping the exchange rate landscape in Nigeria.
In conclusion, the Dollar to Naira black market exchange rate today is a crucial economic indicator, fluctuating across different markets. Stay informed by visiting this website for daily updates on dollar to naira rates and the latest news in Nigeria