The dollar to Naira today has increased significantly. The black market exchange rate is seemingly affected and is now on the high, not just that, even the Aboki dollar to Naira today is soundly ridiculous.
On Monday’s unofficial parallel market, the naira experienced a sharp decline against the dollar.
Increasing the local unit depreciation to N750 at the conclusion of business. This indicates a 2.83% decrease from the exchange rate of N748.00 for $1 on Friday.
Following the Central Bank of Nigeria’s announcement that it will be replacing naira notes, the naira’s ongoing devaluation versus the dollar on the black market has worsened during the last three working days.
The decision was made, according to the apex bank, to lessen the number of extra currency reserves and stop currency manipulation. With that, the question of how much is the dollar to Naira in 2023 has risen in recent times.
Analysts attribute the CBN action to the increasing depreciation of the Naira in the black market, as people with access to illicit funds are vying to exchange dollars for cash piled up outside banks, further boosting the exchange rate.
The dollar to Naira yesterday, being Monday, received a significant boost which kept people wondering about the state of the Naira in the future.
Even the dollar to Naira today, the Black market Nairaland has left Nigerians wondering a lot about the economy of the country.
The dollar was reportedly traded for N800.00 and sold for N803.00 and N805.00, correspondingly, on Monday, 31st October 2022, according to currency dealers in Abuja and Lagos.
But the dollar to naira exchange rate was at 787 when we looked at local dealers’ reports on forex in Lagos and Abuja earlier in the month. However, this has significantly changed.
READ ALSO: Top 5 Highest Currency in the World
100 Dollars to Naira Black Market Today
Dollar to naira today black market 2023 has been on the rise since the turn of the year, and with that, the news of 100 dollars being as much as N50,000 would undoubtedly be no news.
At this rate, per the most recent black market exchange rate, $100 today would be equivalent to 80000 NGN in Lagos, Nigeria.
Therefore, if you wish to sell for $100 on the black market, you will do so for 79000 NGN. This is because, at the current exchange rate, 100 USD would equal 80000 NGN if converted to NGN.
Hence, more Nigerians have decided to explore the rate of £1 to Naira. The official rate of £1 to Naira falls at N503, but the black market rate is at N900.
SEE ALSO: Kuwait Currency To Naira 2023
Dollar to Naira Today Black Market Abokifx
This page also includes the Aboki dollar to naira today rate so you can quickly check the prices for the many currencies you want to swap on the black market.
The most reliable source for the current black market dollar to the naira exchange rate is Aboki FX. Their current exchange rate is available here.
Dollar to Naira Today Aboki:
02/11/2023 — EUR/NGN — 770/780 (Rate)
02/11/2023 — GBP/NGN — 830/840 (Rate)
02/11/2023 — USD/NGN — 810/820 (Rate)
You might find it interesting to know that the exchange rate between the US dollar and the naira on the black market occasionally deviates significantly from that on the website of the Central Bank of Nigeria.
The exchange rate between the US dollar and the naira is the current value of the dollar. For different banks and parallel markets, the rate fluctuates.
Dollar to Naira Today 2023
Looking at the previous month, the USD was trading at a rate of 740. Currently, the USD/Naira exchange rate has increased by 0.47%, with the USD currently trading at 787.
Since the exchange rate on the black market is so much higher than what the bank offers, so many Nigerians prefer to swap their foreign currency, mainly US Dollars to naira.
Dollar to Naira Today Bank Rate
The dollar to Naira today CBN rate falls at N438.41 for $1. However, this slightly differs when making your exchange with your local banks.
For example, dollar to Naira today’s first bank rate falls between N480 – N500 (buy/sell) as of today. But this rate differs when it comes to the tag set by other banks like Sterling Bank, Access Bank, or even the United Bank of Africa (UBA).
As a result, this allows for the dollar to Naira today bureau de change to be a little bit on the high as against the low, therefore causing inconsistency in the exchange rate.
The dollar-to-naira exchange rate has a significant impact on the Nigerian economy. In such light, the Naira depreciation causes the economy to experience inflation, which often has an effect on the populace.
Nigerians should aim toward a significant turnaround in the economy, according to Godwin Emefiele, governor of the central bank.
The exchange rate for dollars on the black market, also known as the Abokifx market, is typically higher than the rate offered by banks, which is typically controlled by the Central Bank of Nigeria (CBN).
The rate at which you can purchase or sell dollars for naira is known as the CBN Exchange Rate and is displayed on the CBN’s q.
READ ALSO: Turkey Currency to Nigeria Naira
Canadian Dollar to Naira Today
As the US dollar rate gradually increases against the Naira, so those the Canadian dollar rate against the Naira. As of today, 1 CAD is equivalent to 323.3142 Nigeria Naira.
With the steady decline of the Naira, Nigeria is yet to see a massive rise of the Canadian dollar to the Naira. Here is a list of the last 21 days of the rate of the CAD against the Naira.
31/02/2023 1 CAD = 323.2219 NGN
30/10/2023 1 CAD = 321.9825 NGN
29/10/2023 1 CAD = 321.9738 NGN
28/10/2023 1 CAD = 320.9825 NGN
27/10/2023 1 CAD = 320.8956 NGN
26/10/2023 1 CAD = 320.6067 NGN
25/10/2023 1 CAD = 320.5178 NGN
24/10/2023 1 CAD = 319.9954 NGN
23/10/2023 1 CAD = 318.6045 NGN
22/10/2023 1 CAD = 319.9756 NGN
21/10/2023 1 CAD = 319.9756 NGN
20/10/2023 1 CAD = 316.8696 NGN
19/10/2023 1 CAD = 316.9689 NGN
18/10/2023 1 CAD = 317.5689 NGN
17/10/2023 1 CAD = 320.6896 NGN
16/10/2023 1 CAD = 313.7158 NGN
15/10/2023 1 CAD = 313.5189 NGN
14/10/2023 1 CAD = 313.2829 NGN
SEE ALSO: How Much is Pounds to Naira?
Canadian Dollar to Naira Today Black Market
You might be interested in knowing the Canadian dollar to Naira Today Black Market exchange rate if you’re planning to fly outside the country to Canada without having to deal with the hassle of going through the bank.
According to our investigation for today, we discovered that the value of one Canadian dollar is 561 naira, which indicates that if you have one Canadian dollar right now, you can swap it for merely 561 naira.
On Tuesday, November 1, 2022, Black Market Lagos is trading CAD at a rate of $561. When Black Market reopened this week on Monday, October 31, 2022, the price of CAD was 527.
This brings the Canadian Dollar’s weekly gain against the Naira to 2.34%. And looking back at the previous month, on Monday, October 3, 2022, CAD was trading at $522 at the start of last October.
The Canadian Dollar conversion rate to the Naira has increased as of today when it is trading at $561.
SEE ALSO: All You Need To Know About Weed
You will have a better chance to prepare and make wise judgments if you are fully aware of the USD to NGN black market exchange rate at this time.
And as a significant piece of advice, while using your Naira Mastercard or Debit card from Nigerian Banks to make purchases from overseas websites, you use the dollar to the Naira bank rate.
These prices are often always less expensive than those on the black market.
Frequently Asked Questions About Black Market Exchange Rate
How much is the dollar to Naira today in the black market in Lagos?
Dollar to Naira today, Tuesday, 1 November 2022, in the black market (Lagos) falls at a range of N795 – N800. This is, however, dependent on your dealer.
How much is a dollar when converted to Naira?
When converted to Naira, per 1 dollar falls at the rate of N438.41 (Naira) today, 1 November 2022. This is the CBN official rate. However, when trading with various banks, there is a slight difference in the rate as banks sell and buy, and different rates are fixed by the banking management.
How much is 1 dollar per Naira now?
For a Nigerian seeking to make an exchange, 1 dollar to Naira is dependent on the route they take. The country’s official exchange rate falls to N437.41 as of 1 November 2022. But based on the black market rate (Lagos), it falls at a massive N800.
For more interesting articles, visit Battabox.com