Naira
Daily Black Market Dollar to Naira Exchange Rate Tracker, 1 November 2023 in Nigeria can be accessed below.
Newsonline Nigeria has obtained the official Naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at ₦1200 and sell it at ₦1200 however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.
The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market) and Abuja (FCT Black Market Rates).
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1150 |
| Selling Rate | 1200 |
The local currency opened at N1200 per $1 at the parallel market otherwise known as the black market today Wednesday, 1 November 2023, in Lagos Nigeria, after it closed at N1200 per $1 on Tuesday, 31 October 2023.
Even though the dollar to naira opened in the parallel market at ₦1200 per $1 today, Newsonline Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
NewsOnline Nigeria reports that in the black market, the players buy a dollar for N1150 and sell for N1200 on Wednesday, 1 November 2023.
Dollar to Naira exchange rate in Nigeria crashed to the lowest level ever on NAFEM where forex is sold officially at the CBN rates.
This Nigeria news platform understands that the current fall represents a massive 20.5% depreciation marking the lowest level ever recorded by the naira against the dollar.
Before now, the lowest level was N848/$1 recorded on the 17th of October 2023 which represented a one day 8.17% depreciation at the time.
The market also recorded a turnover of $88.3 million a 66% drop from $259.8 million recorded last Friday. Intra-day highs and lows were N998/$1 and N475/$1 respectively. The intra-day low is rather remarkable, and represents a N523/$1 discount to the closing day rate.
Newsonline Nigeria reports that the current depreciation experienced on the official market is a stark difference from the black market where the exchange rate appears to have appreciated over the last 3 trading days.
Meanwhile, NewsOnline Nigeria reports that the USD started this week at ₦1200 in Parallel Market also known as Black Market on Monday, 30 October 2023, in Lagos Nigeria, after it opened at ₦1210 last week Monday, 23rd October 2023.
Disclaimer: NEWSONLINE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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