Black Market Dollar to Naira Exchange Rate Today - 5 November 2023
As of November 5, 2023, the exchange rate for buying one United States Dollar (USD) in Nigerian Naira (NGN) on the black market is around 1,170 NGN, while the selling rate is approximately 1,1850 NGN. This means that if you want to purchase one USD, you will need to pay 1,170 NGN, and if you want to sell one USD, you will receive 1,1850 NGN. CONTINUE READING…
Currency Buying Rate (NGN) Selling Rate (NGN) USD 1,170 1,185
This article will explore the intricacies of the Dollar to Naira exchange rate on the black market and the factors that contribute to its fluctuations. It will also provide guidance on how to navigate this complex landscape.
The Black Market Exchange Rate: A Deeper Look The black market exchange rate, also known as the parallel market or unofficial market, is an unregulated system where foreign currencies are traded. In Nigeria, this market operates alongside the official exchange rate, which is set by the Central Bank of Nigeria (CBN). The black market rates are determined by the interplay of supply and demand and can vary from day to day.
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Factors Influencing Exchange Rate Fluctuations Several factors can influence the fluctuations in the Dollar to Naira exchange rate on the black market. These include:
Demand for USD: Increased demand for USD from businesses, individuals, or foreign investors can drive up the black market exchange rate.
Supply of USD: A decrease in the supply of USD, such as due to limitations on foreign exchange allocations, can also lead to an appreciation of the black market exchange rate.
Political and Economic Conditions: Political instability or economic uncertainty can cause investors to seek safe haven assets like USD, further strengthening the black market exchange rate.
Navigating the Black Market Exchange Rate Landscape Understanding the intricacies of the black market exchange rate landscape is crucial for navigating this complex terrain. Here are some key considerations:
Exercise Caution: The black market is an unregulated environment, and transactions carry inherent risks. Exercise caution when dealing with unfamiliar individuals or entities.
Verify Sources: Before engaging in transactions, verify the authenticity of exchange rates with multiple sources.
Utilize Licensed Bureaux de Change: Consider utilizing licensed bureaux de change for currency exchange services.
Explore Alternative Options: Explore alternative options for international transactions, such as using official bank channels or authorized money transfer services.
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*We offer instant recharge of Airtime, Data bundle, CableTV (DStv, GOtv & Startimes), Electricity Bill Payment, Recharge Card Print and more.*
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As of November 5, 2023, the exchange rate for buying one United States Dollar (USD) in Nigerian Naira (NGN) on the black market is around 1,170 NGN, while the selling rate is approximately 1,1850 NGN. This means that if you want to purchase one USD, you will need to pay 1,170 NGN, and if you want to sell one USD, you will receive 1,1850 NGN. CONTINUE READING…
| Currency | Buying Rate (NGN) | Selling Rate (NGN) |
|---|---|---|
| USD | 1,170 | 1,185 |
This article will explore the intricacies of the Dollar to Naira exchange rate on the black market and the factors that contribute to its fluctuations. It will also provide guidance on how to navigate this complex landscape.
The Black Market Exchange Rate: A Deeper Look The black market exchange rate, also known as the parallel market or unofficial market, is an unregulated system where foreign currencies are traded. In Nigeria, this market operates alongside the official exchange rate, which is set by the Central Bank of Nigeria (CBN). The black market rates are determined by the interplay of supply and demand and can vary from day to day.
Advertising:*Data Sell:* Is Mobile app to buy Mobile data, Airtime, Nepa bills, TV subscription & data pins.
*We offer instant recharge of Airtime, Data bundle, CableTV (DStv, GOtv & Startimes), Electricity Bill Payment, Recharge Card Print and more.*
Install our App *Data Sell* on Play store.👇
https://play.google.com/store/apps/details?id=bzdata.sell.topup
Factors Influencing Exchange Rate Fluctuations Several factors can influence the fluctuations in the Dollar to Naira exchange rate on the black market. These include:
Demand for USD: Increased demand for USD from businesses, individuals, or foreign investors can drive up the black market exchange rate.
Supply of USD: A decrease in the supply of USD, such as due to limitations on foreign exchange allocations, can also lead to an appreciation of the black market exchange rate.
Political and Economic Conditions: Political instability or economic uncertainty can cause investors to seek safe haven assets like USD, further strengthening the black market exchange rate.
Navigating the Black Market Exchange Rate Landscape Understanding the intricacies of the black market exchange rate landscape is crucial for navigating this complex terrain. Here are some key considerations:
Exercise Caution: The black market is an unregulated environment, and transactions carry inherent risks. Exercise caution when dealing with unfamiliar individuals or entities.
Verify Sources: Before engaging in transactions, verify the authenticity of exchange rates with multiple sources.
Utilize Licensed Bureaux de Change: Consider utilizing licensed bureaux de change for currency exchange services.
Explore Alternative Options: Explore alternative options for international transactions, such as using official bank channels or authorized money transfer services.
Advertising:*Data Sell:* Is Mobile app to buy Mobile data, Airtime, Nepa bills, TV subscription & data pins.
*We offer instant recharge of Airtime, Data bundle, CableTV (DStv, GOtv & Startimes), Electricity Bill Payment, Recharge Card Print and more.*
Install our App *Data Sell* on Play store.👇
https://play.google.com/store/apps/details?id=bzdata.sell.topup
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