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Black Market Dollar To Naira Exchange Rate Today 18 October 2023

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Black Market Dollar To Naira Exchange Rate Today 18 October 2023 Can Be Accessed Below.

News Rain Nigeria has obtained the official Naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at ₦1,050 and sell it at ₦1,053, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

The Nigeria parallel market (black market dollar exchange rate today) to the Nigerian Naira is as follows: For the Lagos market (black market) and Abuja (FCT Black Market Rates).

Daily Black Market Dollar To Naira Exchange Rate Tracker, 18 October 2023

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 1050
Selling Rate 1053

 

The local currency opened at N1050 per $1 at the parallel market otherwise known as the black market today Wednesday, 18 October 2023, in Lagos Nigeria, after it closed at N1050 per $1 on Tuesday, 17 October 2023.

Even though the dollar to naira opened in the parallel market at ₦1050 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.

News Rain Nigeria reports that in the black market, the players buy a dollar for N1050 and sell for N1053 on Wednesday, 18 October 2023.

CBN official dollar to naira exchange rate today

Naira closed trading at a record low of N848 per dollar on the official market on Tuesday, according to data from FMDQ, as dollar shortages persist.

This Nigeria news platform understands that that’s 9 percent lower than the closing rate of N778/$ on Monday, representing the biggest single-day decline this month.

 

1 USD = N848
1 Dollars = N848
The USDNGN rate as of 18 Oct. 2023 at 08:46 AM

 

Meanwhile, News Rain Nigeria reports that the USD started this week at ₦1,053 in Parallel Market also known as Black Market on Monday, 16th October 2023, in Lagos Nigeria, after it opened at  ₦1,040 last week Monday, 9th October 2023.

Disclaimer: NEWS RAIN NIGERIA 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.