As of Tue, Nov, 2023, the official USD to Naira exchange rate is 443.02 NGN. This rate is important because it helps to understand the purchasing power of the Nigerian Naira. The USD to Naira exchange rate is something that is always fluctuating. It is important to be up to date with the latest changes so you can make decisions accordingly. In this blog post, we will provide you with the latest exchange rate and some analysis to help you make better investment decisions.
Dollar to Naira Black Market Rate for Tue, Nov, 2023
|Dollar to Naira Today (USD to NGN)||Black Market Exchange Rate Today|
|Pounds to Naira Today (USD to NGN)||CBN Official Exchange Rate Today|
In Nigeria, the naira is the official currency. One naira is divided into 100 kobo. The naira is issued by the Central Bank of Nigeria. The black market is the illegal market where currencies are traded at higher rates than the official rate. The black market exists because the government has placed restrictions on how much foreign currency can be imported into the country.
This Since the black market offers a higher rate for foreign currency, people are willing to buy and sell at the black market rate. The black market rate is also higher because there is more demand for foreign currency than there is supply.
The black market rate for the dollar to naira fluctuates daily. The rates are affected by the demand for and supply of the dollar. The rates are also affected by the political and economic conditions in Nigeria.
The table below shows the black market rate for the dollar to naira for the past week.
|Tue, Nov, 2023||US DOLLAR||790||776|
|Tue, Nov, 2023||POUNDS STERLING||930||900|
|Tue, Nov, 2023||EURO||795||770|
It is no secret that the naira has been on a downward spiral against the dollar for some time now. In fact, just last week the naira hit an all-time low of over 800 naira to the dollar that is 1 dollar to naira .
So, what has caused this sudden reversal?
Some experts are attributing it to the fact that the Central Bank of Nigeria (CBN) has been intervening in the market by selling dollars to help prop up the naira.
It is also worth noting that this is not the first time that the CBN has intervened in the market. They did the same thing back in 2016 when the naira was also under pressure. So, it looks like the CBN’s intervention may have worked…at least for now. Only time will tell if the naira can continue to hold its own against the dollar.
USD/NGN (Dollar to Naira) exchange rate for Tue, Nov, 2023 today based on Black Market rate, Lagos, Nigeria.
The USD/NGN exchange rate is important for anyone who needs to send or receive money between the United States and Nigeria. If you’re living in the United States and sending money to Nigeria, you need to know the USD/NGN exchange rate so you can budget accordingly. The same is true if you’re living in Nigeria and sending money to the United States.
There are a few factors that can affect the USD/NGN exchange rate. One is the political situation in Nigeria. If there’s instability in the country, that can lead to a drop in the value of the naira. Another factor is the price of oil. Nigeria is a major oil producer, and the price of oil can have an impact on the country’s currency.
Euro to Naira Black Market
The euro to naira black market rate is one of the most important indicators of the Nigerian economy. Although the official rate is pegged at around 305 naira to 1 euro, the black market rate is much higher, often reaching around 350 naira to 1 euro.
This is the rate at which Aboki/Bureau De Change (BDC) is currently buying and selling European currency (the Euro) in Abuja, Kano, and Lagos. There can be a small difference in various parallel (unofficial) markets.
|Euro to Naira (EUR to NGN)||Exchange Rate Today|
Pounds to Naira Black Market
The black market rate for exchanging currency is always higher than the official rate. And, due to the current economic situation in Nigeria, the black market rate for exchanging US dollars for Nigerian Naira is especially high. So, if you have US dollars that you need to exchange for Naira, where should you go?
First, let’s look at the official rate. According to the Central Bank of Nigeria, as of December 2020, the official rate for exchanging US dollars for Nigerian Naira is 306.95 Naira to 1 US dollar. So, if you have 100 US dollars, you would get 30,695 Naira in return.
However, the black market rate is generally higher. For example, as of December 2020, the black market rate for exchanging US dollars to Nigerian Naira is 472 Naira to 1 US dollar. So, if you have 100 US dollars, you would get 47,200 Naira in return. That’s a difference of 16,505 Naira!
|Pounds to Naira (GBP to NGN)||Exchange Rate Today|
CAD to Naira Black Market
This is the rate at which Aboki/Bureau De Change (BDC) is currently buying and selling Canadian Dollar currency (the CAD) in Abuja, Kano, and Lagos. There can be a small difference in various parallel (unofficial) markets.
|CAD to Naira (CAD to NGN)||Exchange Rate Today|
Current USD to Naira Exchange Rate
As of right now, the USD to Naira official exchange rate is around 380. This means that for every US dollar, you will get about 380 naira. While this rate is not ideal, it is still relatively stable. In the past, we have seen the rate fluctuate much more wildly.
What Does This Mean for Investors?
If you are thinking of investing in Nigeria, now is a good time to do so. The exchange rate is relatively stable, which means that you will be able to get a good return on your investment. Of course, you should always consult with a financial advisor before making any major investment decisions.
When it comes to investing, there are always risks involved. However, if you do your research and consult with a financial advisor, you can minimize these risks and hopefully make a profit.
What is FX Black Market
The black market is a term that is used to describe the illegal exchange of currency. The black market is also known as the parallel market or the unofficial market. The black market exists because there is a demand for foreign currency that is not available through legal channels. The black market is illegal because it is not regulated by the government.
The black market exists because there is a demand for foreign currency that is not available through legal channels. The black market is illegal because it is not regulated by the government. The black market is a major problem for the Nigerian economy because it creates inflation and it makes it difficult for the government to control the supply of currency.
The black market is a major problem for the Nigerian economy because it creates inflation and it makes it difficult for the government to control the supply of currency. The black market is also a problem because it is used to finance terrorism and it is used to launder money.