Daily Black Market Dollar to Naira Exchange Rate Tracker, 16 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 ₦1,130 and sell it at ₦1,125 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).
SEE ALSO: Naira resumes massive fall after week-long gain
Daily Black Market Dollar To Naira Exchange Rate Tracker, 16 November 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 1,130 |
| Selling Rate | 1,125 |
The local currency opened at N1,130 per $1 at the parallel market otherwise known as the black market today Thursday, 16 November 2023, in Lagos Nigeria, after it closed at N1130 per $1 on Wednesday, 15 November 2023.
Even though the dollar to naira opened in the parallel market at ₦1130 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 N1130 and sell for N1,125 on Thursday, 16 November 2023.
CBN official dollar to naira exchange rate today
Naira depreciated 0.55% to close at N874.71 to a dollar at the close of business on Wednesday, data from the NAFEM where forex is officially traded, showed.
This represents an N4.8 loss or a 0.55% decline in the local currency compared to the N869.91 it closed on Tuesday.
The intraday high recorded was N1097.50/$1, while the intraday low was N745.00/$1, representing a wide spread of N352.50/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $223.52 million, representing a 60.1% increase compared to the previous day.
Meanwhile, NewsOnline Nigeria reports that the USD started this week at ₦1,150 in Parallel Market also known as Black Market on Monday, 13 November 2023, in Lagos Nigeria, after it opened at ₦1200 last week Monday, 6 November 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.
