Black market exchange rates for Dollar to Naira today, Nov 29, 2023

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black market exchange rates, Nov 29, 2023.

What is the rates today? 

Navigating the dynamic economic landscape, the importance of today’s black market between the Dollar and Naira cannot be overstated. As of November 29, 2023, we delve into the current rate, providing a comprehensive overview compiled from various sources. Stay tuned for insightful updates on this crucial aspect of Nigeria’s economic landscape.

black market exchange rates:

Reports from operators reveal the following black market rates:

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  • Buying: ₦1155 for $1
  • Selling: ₦1160 for $1

Street vendors are acquiring US dollars at ₦1155 and reselling them at ₦1160, 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:

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For reference, the black market closed at ₦1160/$1, determined by the average dollar to naira rates traded at various platforms.

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Official Bank Rates ():

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 for ₦805 and sells it for ₦806 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:

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

Zenith Bank:

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

Guaranty Trust Bank (GTBank):

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

First Bank of Nigeria fx rate:

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    • 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:

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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 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 .

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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