Dollar to Naira Exchange Rate today black market, November 20, 2023.
What is the Dollar to Naira black market exchange rates today?
Black market exchange rate dollar to naira today 2023: Aboki dollar: As the economic landscape continues to undergo transformation, a comprehensive review of the current Dollar to Naira exchange rates becomes imperative. This overview encapsulates both the black market rates and the official bank rates sourced from various platforms.
Dollar to Naira Black Market Exchange Rate Today:
According to reports from bureau de change (BDC) operators, the current Dollar to Naira black market exchange rate stands at:
- Buying: ₦1135 for $1
- Selling: ₦1140 for $1
Street vendors are acquiring US dollars from customers at ₦1135 and reselling them for ₦1140, revealing a noteworthy disparity when compared to the official exchange rate for the Dollar to Naira.
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Dollar to Naira black market exchange rates Yesterday:
For reference, the Dollar to Naira exchange rate at the black market closed at ₦1140/$1. 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) dictates the official exchange rates, with current rates 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:
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:
- Buying: ₦980/USD
- Selling: ₦975/USD
United Bank for Africa (UBA):
- 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 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 the Naira’s Depreciation Against the US Dollar:
The depreciation of the naira against the US dollar 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 rates 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
