Dollar to Naira Exchange Rate
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 ₦1,170 and sell it at ₦1,175 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 | 1,170 |
| Selling Rate | 1,175 |
The local currency opened at N1,175 per $1 at the parallel market otherwise known as the black market today Wednesday, 29 November 2023, in Lagos Nigeria, after it closed at N1170 per $1 on Tuesday, 28 November 2023.
Even though the dollar to naira opened in the parallel market at ₦1175 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 N1170 and sell for N1,175 on Wednesday, 29 November 2023.
The domestic currency depreciated 9.73% to close at N830.97 to a dollar at the close of business on Tuesday, data from the NAFEM where forex is officially traded, showed.
This represents an N80.83 loss or a 9.73% decline in the local currency compared to the N750.14 it closed on Monday.
The intraday high recorded was N1121/$1, while the intraday low was N600/$1, representing a wide spread of N521/$1.
According to data obtained from the official NAFEM window, forex turnover at the close of the trading was $122.46 million, representing a 30.72% decrease 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, 27 November 2023, in Lagos Nigeria, after it opened at ₦1200 last week Monday, 20 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.
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