Dollar to Naira Exchange Rate Today: Black Market and CBN Rates – Monday, November 4, 2024.
How much is the Dollar to Naira black market rate today?
Looking for today’s Dollar to Naira exchange rate? Whether for business, investments, or travel, having the latest exchange rate information is vital. This article highlights the Dollar to Naira exchange rate today in both the black market (parallel market) and the CBN official rates.
What is 1 US Dollar to Naira Today in the Black Market and CBN?
As the Naira continues to face challenges, Dollar to Naira exchange rates have become critical for Nigerians. This article covers both the black market Dollar to Naira rate today and the CBN exchange rate for USD to NGN. These rates impact foreign exchange transactions, import-export businesses, and even travel plans.
Dollar To Naira Exchange Rate Yesterday
The exchange rate for the dollar to naira on the black market yesterday, Sunday, November 3, 2024, closed at 1730 NGN/USD.
Current Dollar to Naira exchange rate in Nigeria (November 4, 2024)
Black Market (Parallel Market) Dollar to Naira Exchange Rate
- Buying Rate: ₦1,735
- Selling Rate: ₦1,740
CBN Official Dollar to Naira Exchange Rate
- Buying Rate: ₦1,658
- Selling Rate: ₦1,660
Other Exchange Rates Today: Pounds and Euro to Naira
CBN Pounds to Naira Rate
- Buying Rate: ₦2,195
- Selling Rate: ₦2,200
Black Market Euro to Naira Rate
- Buying Rate: ₦1,882
- Selling Rate: ₦1,885
Online Platforms for Dollar to Naira Exchange Rate Today
In addition to the black market and CBN rates, online platforms like Geegpay and Grey offer competitive exchange rates.
Geegpay Rates
- USD ($): Buying at ₦1,750, Selling at ₦1,757
- GBP (£): Buying at ₦2,120, Selling at ₦2,127
- EUR (€): Buying at ₦1,798.03, Selling at ₦1,800.55
Grey Exchange Rates
- USD ($): Buying at ₦1,750, Selling at ₦1,755
- GBP (£): Buying at ₦2,102, Selling at ₦2,205
- EUR (€): Buying at ₦1,845.03, Selling at ₦1,850
Dollar to Naira exchange rate history.
In October 2023, the black market rate was ₦900 per Dollar, reflecting a significant increase in 2024
Understanding the Black Market Exchange Rate for Dollar to Naira
The black market—also known as the parallel market—operates outside of government regulation. Due to limited foreign currency supply, the Dollar to Naira black market rate is typically higher than the CBN exchange rate. This difference is driven by actual demand for dollars and naira in the market.
Why Do People Use the Black Market for USD to NGN?
- Favorable Rates: The black market offers higher rates, allowing individuals to get more naira for each dollar.
- Accessibility: It’s easier to access foreign currency in the black market without government restrictions.
Common Questions on the Dollar to Naira Exchange Rate
- Why is there a rate difference? CBN’s rate is controlled, while the black market reflects demand and supply fluctuations.
- Who can use CBN rates? Government-approved imports qualify, but most individuals use the black market for ease of access.
- Are Geegpay and Grey safe? Yes, both are trusted, regulated platforms for exchange transactions.
- Future Naira trends? Currency stability depends on economic policy, global conditions, and oil prices.
Latest Forex news in Nigeria Today, November 4, 2024:
Here are the latest updates on Forex news in Nigeria for today, November 4, 2024:
Naira Gains Against US Dollar: The Nigerian naira recorded its first gain in November against the US dollar. In the official market, the naira appreciated by 0.5%, closing at ₦1,666.72/$11. In the black market, the naira also improved, trading at ₦1,730/$1 compared to the previous rate of ₦1,750/$1.
CBN’s New Directive: The Central Bank of Nigeria (CBN) has issued new directives to banks to address growing forex exposures. This includes introducing prudential requirements and focusing on Net Open Position (NOP) limits to discourage speculative practices
Forex Market Liquidity Issues: Despite the recent gains, the naira has faced liquidity issues, leading to a depreciation in the official foreign exchange market. The naira closed at ₦1,675.49 per dollar, reflecting a 2.72% depreciation.
- Check out our Naira to Euro exchange rate today.
- “Learn more about the Dollar to Naira Exchange Rate History: A Comprehensive Overview
Conclusion
Staying updated on the Dollar to Naira exchange rate today—whether in the black market or via CBN—is crucial for anyone dealing with foreign currency in Nigeria. Whether you’re using platforms like Geegpay, Grey, or relying on the black market, understanding these rates can help you make informed decisions.
For the latest updates, bookmark this page for real-time information on Dollar to Naira exchange rates.
