Dollar to Naira black market exchange rate today November 14, 2023 and Dollar to Naira Bank rate today across all platforms.
How much is dollar to Naira today in black market 2023? A Dollar to Naira Today black market nairaland – is ₦1140 at Aboki dollar to Naira today. Black Market Rates, Dollar to Naira Bank rate today and Dollar to Naira rate in Nigeria can be accessed below.
- Abokifx – Aboki Forex: Dollar to Naira Black Market Today
- Dollar to naira today black market in Nigeria .
Dollar to Naira black market exchange rate today:
According to reports from bureau de change (BDC) operators, the Black Market Dollar to Naira exchange rate today stands at:
- Buying: ₦1135 for $1
- Selling: ₦1140 for $1
In providing context to the prevailing black market exchange rate between the US Dollar and the Naira, street vendors are acquiring a single US dollar from customers at ₦1135 and reselling it for ₦1140. This underscores a notable disparity in comparison to the official exchange rate for the Dollar to Naira.
Dollar To Naira Yesterday Black Market Exchange Rate.
The dollar to naira yesterday exchange rate at the black market closed at ₦1090/$1. Please noted that the dollar to naira yesterday closing is determined by the average dollar to naira rate traded at various platforms.
Dollar to Naira Bank rate today/ CBN Exchange Rates
The Central Bank of Nigeria (CBN) sets the official exchange rates, with the following rates in effect:
- Buying: ₦789 for $1
- Selling: ₦790 for $1
Under these official rates, the CBN acquires one US dollar for ₦789 and sells it for ₦790 through authorized dealers.
Dollar to Naira Bank rate today.
Data indicates that the average Dollar to Naira Exchange Rate Today at various banks are as follows:
- GTBank Dollar to Naira exchange rate black market
- Buying: ₦980 for $1
- Selling: ₦990 for $1
Access Bank dollar rate
Access Bank: ₦993/USD – Buying, ₦990/USD – Selling.
Zenith Bank dollar rate
Zenith Bank: ₦993/USD – Buying, ₦997/USD – Selling
Gtbank dollar to naira exchange rate.
Guaranty Trust Bank: ₦997.83/USD – Buying, ₦990/USD – Selling.
First bank dollar rate today in Nigeria
First Bank of Nigeria: ₦980/USD – Buying, ₦975/USD – Selling
United Bank for Africa: ₦991.83/USD – Buying, ₦997.83/USD – Selling.
FAQ on Aboki dollar to Naira today black market.
Inquiries Regarding Aboki Forex and Currency Exchange
Question: Does Aboki Forex Engage in Currency Trading or Exchange? Answer: No, Aboki Forex is not involved in the trading or exchange of currencies. It functions as an informational platform, offering details on currency exchange rates across different markets.
Question: How Can I Exchange Currency? Answer: To carry out currency exchange, you can get in touch with your local currency exchange market or a bank. They will furnish you with the current exchange rates and assist in the exchange process.
Question: Is the Accuracy of Black Market Rates Consistent Across All Markets? Answer: No, the Black Market Rates provided by Aboki Forex may not exhibit uniform accuracy across all markets. These rates serve as representative averages in local markets. Due to the absence of regulation in the black market, exchange rates can fluctuate between different locations.
Question: What Sets Apart CBN, I&E, and Black Market Rates? Answer: The Central Bank of Nigeria (CBN) rates are typically established by the Nigerian central bank and are primarily employed for official purposes. Investors’ and Exporters’ (I&E) rates, too, are regulated and denote the rates employed in investment and foreign exchange transactions. In contrast, Black Market Rates represent unofficial rates in the unregulated black market, where currencies are exchanged outside of official channels. These rates can substantially differ from the CBN and I&E rates
Influential Factors in the Naira’s Depreciation Against the US Dollar
Multiple factors contribute to the devaluation of the naira against the US dollar in Nigeria. These factors encompass various aspects:
- Fluctuating Oil Prices: Nigeria heavily relies on oil exports for its economy. A decrease in global oil prices not only reduces the country’s revenue but also impacts foreign exchange reserves, exerting downward pressure on the naira’s value.
- Foreign Exchange Reserves: The depletion of Nigeria’s foreign exchange reserves, often linked to servicing external debt, can undermine the naira’s exchange rate.
- Exchange Rate Policies: The Central Bank of Nigeria (CBN) holds a pivotal role in shaping exchange rate policies. Interventions aimed at maintaining an official exchange rate, particularly during periods of low foreign reserves, can result in devaluation.
- Inflation: Elevated inflation diminishes the purchasing power of the naira, making it less appealing to foreign investors and contributing to devaluation.
- Economic Uncertainty: Political instability, economic uncertainties, and security concerns can dissuade foreign investments, leading to reduced foreign exchange inflow and subsequent naira devaluation.
- Global Economic Factors: Events such as the COVID-19 pandemic can have a profound impact. The pandemic disrupted global trade, caused a decline in oil prices, and subsequently affected Nigeria’s foreign exchange earnings.
- Market Speculation: Speculative activities in the foreign exchange market can sway the naira’s value. Speculators anticipating future devaluation can actively contribute to the currency’s decline.
- Balance of Trade: An unfavorable balance of trade, where imports significantly surpass exports, can strain the country’s foreign exchange reserves and exert pressure on the naira’s value.
- Government Policies: Policies related to trade, foreign exchange, and economic management wield influence over the naira’s value. Decisions like fuel subsidy removal can impact inflation and, consequently, the exchange rate.
- Overall Economic Performance: Nigeria’s economic health, encompassing factors like GDP growth, employment rates, and general economic stability, plays a pivotal role in determining the naira’s value on the international stage.
These factors collectively contribute to the devaluation of the naira against the US dollar, shaping Nigeria’s exchange rate dynamics.
The exchange rate of the dollar to naira holds great significance as an economic indicator of Nigeria’s performance and stability. This rate fluctuates across different markets, including the CBN, banks, and the black market. While CBN and bank rates are officially regulated, the black market rate is determined by market forces.