Naira X Tinubu
Daily Black Market Dollar to Naira Exchange Rate Tracker, 28 October 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 ₦1113 and sell it at ₦1115, 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 | 1113 |
| Selling Rate | 1115 |
The local currency opened at N1115 per $1 at the parallel market otherwise known as the black market today Saturday, 28 October 2023, in Lagos Nigeria, after it closed at N1113 per $1 on Friday, 27 October 2023.
Even though the dollar to naira opened in the parallel market at ₦1210 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 N1113 and sell for N1115 on Friday, 27 October 2023.
On the official NAFEX market, where the exchange rate is officially determined, the naira-to-dollar rate dropped to N837.49, down from N801.1 just a day earlier.
This rate marks the fourth-lowest level since the unification of the exchange rate windows. Intra-day highs and lows were recorded at N891/$1 and N701/$1 respectively, with a total turnover of $113.2 million— the highest in approximately six trading days.
Concurrently, Nigerian equities experienced a 0.18% decline, registering back-to-back losses as stockbrokers evaluated third-quarter earnings results from various companies.
Meanwhile, NewsOnline Nigeria reports that the USD started this week at ₦1210 in Parallel Market also known as Black Market on Monday, 23rd October 2023, in Lagos Nigeria, after it opened at ₦1,053 last week Monday, 16th 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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