Dollar to Naira Black Market Rate Today 20th November 2023 can be accessed below.
Get the current Dollar to Naira exchange rates at the black market on November 20, 2023. Check the buying and selling rates, and compare with the official CBN rates.
Are you curious about the current exchange rate for the Dollar to Naira in the black market, also known as the parallel market or Aboki fx? Here’s the latest information as of November 20, 2023:
|Exchange Rate||Buying Rate (NGN)||Selling Rate (NGN)|
|Dollar to Naira – Black Market||N1135||N1140|
|Dollar to Naira – CBN Official||N839||N840|
It’s essential to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market). The CBN has directed individuals engaged in forex transactions to approach their respective banks for official rates.
Dollar to Naira Black Market Analysis:
The black market exchange rate reflects the dynamics of supply and demand in the informal forex market. As of November 20, 2023, traders are buying the dollar for N1130 and selling it at N1135. These rates are subject to change based on various factors, including market sentiment, economic conditions, and geopolitical events.
CBN Official Rates:
For comparison, the Dollar to Naira official rates provided by the Central Bank of Nigeria (CBN) are considerably lower, with a buying rate of N839 and a selling rate of N840. The CBN plays a crucial role in regulating and stabilizing the official exchange rate, but the black market rates often fluctuate independently.
Market Dynamics and Considerations:
- Fluctuations: Exchange rates can experience fluctuations due to various factors, such as changes in economic indicators, government policies, and global economic trends.
- CBN Directives: It’s important to adhere to the Central Bank’s directives, and individuals are encouraged to approach their respective banks for official forex transactions.
- Informal Market Realities: The black market serves as an informal avenue for currency exchange, and rates are influenced by market forces. Individuals engaging in black market transactions should exercise caution and stay informed.
Exchange rates are dynamic and can vary between official channels and the black market. Staying informed through reputable sources and official channels is crucial for individuals involved in currency exchange transactions. Please note that rates mentioned here are based on the latest available information and are subject to change.