Black market exchange rates for Dollar to Naira today, Nov 28, 2023

Dollar to naira today black market exchange rates, Nov 28, 2023.

What is the Dollar to Naira black market exchange rates today? 

In the dynamic economic terrain, the significance of today’s black market exchange rate between the Dollar and Naira cannot be overstated. On November 28, 2023, we explore the current rate, offering a thorough overview gathered from diverse sources.

Dollar to naira today black market exchange rates:

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

• Buying: ₦1153 for $1
• Selling: ₦1157 for $1

Street vendors are acquiring US dollars at ₦1153 and reselling them at ₦1157, showcasing a notable disparity compared to the official rate for the Dollars to Nairas.

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Dollar to Naira Black Market Exchange Rates Yesterday:

For reference, the black market closed at ₦1157/$1, determined by the average dollar to naira rates traded at various platforms.

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Official Bank Rates (CBN):

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

• Buying: ₦805 for $1
• Selling: ₦806 for $1

Under these official rates, the CBN acquires one US dollar for ₦805 and sells it for ₦806 through authorized dealers.

Dollar to Naira Bank Rates Today:

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

GTBank:

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

Access Bank:

• • Buying: ₦993/USD
  • 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 Dollar to naira today 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.

Influential Factors in Dollar to naira today parallel market exchange rates depreciation:

The depreciation of the naira against the USD is influenced by a myriad of factors. These include 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.

Grasping the intricacies of these elements offers a glimpse into the intricate dynamics that mold the exchange rate scenario in Nigeria.

The current Dollar to Naira black market exchange rates serve as a crucial economic barometer, exhibiting fluctuations across diverse markets. Stay informed by regularly visiting this website for daily updates on dollar to naira rates and the latest news in Nigeria.

Since President Bola Ahmed Tinubu appointed Dr. Olayemi Michael Cardoso as the Governor of the Central Bank of Nigeria, the country’s currency has experienced persistent instability, marked by consistent depreciation.