Naira Plunges to N1600 to $1 Under Tinubu's Watch
iexclusivenews has obtained the official dollar to 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 a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.
It means that you can buy or sell one dollar at N1238, and the price (high or low) can change within hours.
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The Dollar against the Naira today Tuesday, December 19, 2023, exchanging N855.84 at the investors and exporters’ window.
How much is the exchange rate of the Dollar to the Naira on the black market today?
The Nigeria parallel market (black market dollar exchange rate today) for the Lagos market (Aboki Forex).
Today’s parallel market rates in Lagos: on Tuesday December 19, 2023. The Dollar to the Naira exchange rate on the black market at 12.50pm is N1238 to $1.
The black-market exchange rate for the Dollar to the Naira is $1 = N1238
Buying Rate: 1235
Selling Rate: 1238
The local currency opened at N1238 per $1 at the parallel market. Otherwise known as the black market, today, Tuesday December 19, 2023, in Lagos, Nigeria.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Even though the dollar-to-naira exchange rate opened in the parallel market at N1235 per $1 today.
iexclusivenews reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the Black Market Exchange Rate Today Tuesday December 19, 2023
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.
iexclusivenews reports that on the black market, the players buy a dollar for N1235 and sell it for N1238 on Tuesday December 19, 2023.
However, iexclusivenews Nigeria reports that the USD started this week at N1238 in the parallel market, also known as the black market, on Tuesday December 19, 2023, in Lagos, Nigeria.
Disclaimer: iexclusivenews Nigeria does not determine or set currency exchange 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.
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