Dollar to naira today black market exchange rates, Nov 30, 2023.
What is the Dollar to Naira black market exchange rates today?Â
In traversing the ever-changing economic landscape, the significance of the current black market exchange rate between the Dollar and Naira is paramount. As of November 30, 2023, we embark on a detailed exploration of the prevailing rate, offering a comprehensive overview drawn from diverse sources. Stay tuned for enlightening updates on this pivotal facet of Nigeria’s economic panorama.
10 Top News in Nigeria from Major Nigerian Newspapers, Nov 30, 2023
Dollar to naira today black market exchange rates:
Reports from bureau de change (BDC) operators reveal the following black market rates:
- Buying: ₦1157 for $1
- Selling: ₦N1167 for $1
Street vendors are acquiring US dollars at ₦1157 and reselling them at ₦N1167, showcasing a notable disparity compared to the official rate for the Dollars to Nairas.
Dollar to Naira Black Market Exchange Rates Yesterday:
For reference, the black market closed at ₦N1167/$1, 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 rate:
- Buying: ₦831.47 for $1
- Selling: ₦833.48 for $1
Under these official rates, the CBN acquires one US dollar for ₦831.47 and sells it for ₦833.48 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 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.
