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Dollar to Naira Exchange Rate in Black Market Today Jan. 29, 2024

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Naira Plunges to N1600 to $1 Under Tinubu's Watch

iexclusivenews 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 changes hourly. It depends on the volume of dollars available and the demand.

It means that you can buy or sell one dollar at N1455, and the price (high or low) can change within hours.

Dollar to Naira Exchange Rate in the Black Market Today Monday January 29, 2024

How much is Dollar to Naira exchange rate at the I&E window today?

The Dollar against the Naira today Monday January 29, 2024, exchanging N887.39 at the investors’ and exporters’ (I&E) 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 Friday December 29, 2023. The Dollar to the Naira exchange rate in the black market at 12.00pm is N1455 to $1.

The black market exchange rate for the Dollar to the Naira is $1 = N1455

Dollar to Naira (NGN to USD) Black Market Exchange Rate Today

Buying Rate: 1445

Selling Rate: 1455

The local currency opened at N1455 per $1 at the parallel market. Otherwise known as the black market, today, Monday January 29, 2024, in Lagos, Nigeria.

The table below shows the difference between the black market and the I&E window rates for the dollar to naira exchange today:

| Market | Buying Rate | Selling Rate |

| Black Market | N1445 | N1455 |

| I&E Window | N887.39 | N887.39 |

Factors Influencing Foreign Exchange Rates

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 N1455 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 Monday January 29, 2024

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 N1445 and sell it for N1455 on Monday January 29, 2024.

However, iexclusivenews reports that the USD started this week at N1455 in the parallel market, also known as the black market, on Monday January 29, 2024, 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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