The dollar to naira black market rate Today 23 November 2023 can be accessed below.
What is the dollar to naira today?
Infoexpert24 reports that the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) has always been a topic of significant interest. For those keeping a close eye on the financial landscape, particularly the black market rates, understanding the latest rates is important. In this blog post, we provide an overview of the dollar to naira today 22 November 2023.
Current Exchange Rate Today: dollar to naira exchange rate
How much is 1 dollar to naira today today?
As of November 23, 2023, the black market exchange rate for the Dollar to Naira stands at approximately 1,155 NGN for buying and 1,165 NGN for selling. It’s important to note that these rates can fluctuate throughout the day due to various economic factors and market dynamics.
How Did We Get These Rates?
We got the rates from Lagos Abokis, Forex brokers as well as cryptocurrency brokers. The Lagos Aboki exchange rates were gotten from a vast number of traders on the streets of Lagos.
Also, when we checked the peer-to-peer currency exchange between Nigerian Naira traders online, the above black market rates were fetched.
How Accurate Are These Rates?
The rates reflect the true state of the market as we got these rates from the brokers and exchangers without any conversion fees or charges added. The rates from the P2P platform was gotten from the live feed as currency exchanges occur between Nigerians online in real-time.
What Are The P2P Exchange Rates?
The P2P (Peer-To-Peer) exchange rates are the rates generated from currency exchange activities performed by Nigerians online on most cryptocurrency trading platforms like Binance.
What Are The Inflow Or Bank Transfer Exchange Rates?
The Inflow or Bank transfer rates are the exchange rates for making transfers between two domiciliary bank accounts. That is, these rates would be offered to you whenever you want to sell the currency in your domiciliary bank account to the BDC or when you want to send money abroad through a currency exchanger or BDC. It is quite different from the cash rates.
What Can I Do With This Information?
Knowing the latest exchange rates of the Dollar to Naira, Euro to Naira or even Pounds to Naira will help you to have a good bargain at the market when you go to exchange your currencies so that you don’t get cheated. The rate you may finally get at the BDC or Aboki on the street maybe a little higher or lower than the exchange rates displayed here.
What Are The NAFEX and I & E Window Rates
The NAFEX rate is determined by ten (10) contributing banks based on their submissions, using a trimmed arithmetic mean. The quotes provided by each bank are ranked in descending order.
While the I&E FX Window, also known as the Investors’ & Exporters’ FX Window, is a designated market segment for Investors, Exporters, and End-users.
It enables FX trading at exchange rates determined by prevailing market conditions, promoting efficient and effective price discovery in the Nigerian FX market. The Central Bank of Nigeria (CBN) established the I&E FX Window through a circular issued on April 21, 2017.
Factors Influencing Black Market Exchange Rates:
Understanding what drives the exchange rates in the black market is crucial for anyone dealing with foreign exchange. Several factors contribute to these fluctuations:
- Demand and Supply:The fundamental law of economics applies here. If there’s a high demand for the Dollar (perhaps for international transactions or as an investment), the value of the Dollar goes up relative to the Naira.
- Economic Indicators:Key economic indicators like inflation rates, interest rates, and the overall economic stability of a country play a significant role. Economic uncertainty can lead to fluctuations in exchange rates.
- Government Policies:Government interventions in the foreign exchange market can impact exchange rates. Policies such as capital controls or currency pegs can influence the value of the Naira.
- Political Stability:Political stability or instability can have a significant impact on exchange rates. A stable political environment is generally more attractive to foreign investors.
The Impact on Everyday Life:
These exchange rate fluctuations in the black market have a direct impact on the daily lives of Nigerians. For instance:
Import Costs: A weaker Naira means higher costs for imported goods, impacting the prices of everyday items.
Investment Decisions: Investors and businesses must carefully consider exchange rates when making decisions about foreign investments and transactions.
Travel Abroad: For individuals planning to travel abroad, the exchange rate can significantly impact their travel budget.
What is the official exchange rate?
The official exchange rate is set by the Central Bank of Nigeria. As of November 23, 2023, it’s around 1,165 NGN to 1 USD.
How much is $100 dollars in naira today?
Why is there a black market for foreign exchange?
The black market exists due to the disparity between the official exchange rate and the actual market demand for foreign currency.
How can I access the official exchange rate?
You can check the official exchange rate on the Central Bank of Nigeria’s official website or through authorized financial institutions.
Are black market rates legal?
Black market rates are not illegal, but they exist outside the regulatory framework set by the government
Is the exchange rate expected to stabilize in the near future?
Exchange rate stability depends on various factors, including government policies, global economic conditions, and more. Predicting exchange rate movements can be challenging.
The dollar to naira exchange rateof 23 November 2023 is a critical aspect of Nigeria’s financial landscape. Understanding its dynamics and the factors influencing it can empower individuals and businesses to make informed financial decisions in an ever-changing economic environment. Keep an eye on these rates, and stay updated to navigate the intricate world of foreign exchange effectively.
Disclaimer: Infoexpert24 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.