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Dollar To Naira Exchange Rate Today 8th November 2022(Black Market)

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Black market dollar to naira exchange rate today 8th November 2022, Aboki dollar rate can be accessed below.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦870 and the price can change (high or low) within hours.

How much is the exchange rate of Dollar to Naira in Black Market today? See Dollar To Naira Exchange Rate Tuesday 8th November below.

 

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market).

LAGOS PARALLEL MARKET RATES TODAY: dollar to naira exchange rate today black market.

November 8 dollar to naira black market exchange rate: $1 dollar to naira = ₦870

 

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 865
Selling Rate 870

The local currency opened at N870.00 per $1 at the parallel market otherwise known as the black market today Tuesday, November 8, 2022.

Even though the dollar to naira opened in the parallel market at ₦870 per $1 today, News Rain 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 reports that on the black market, the players buy a dollar for N865 and sell for N870.

The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.

The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.

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