Dollar to Naira Black Market Exchange Rate Today: November 17, 2023
Dollar to Naira Black Market Exchange Rate Today: November 17, 2023
The dollar to naira black market exchange rate is a topic of interest to many individuals and businesses in Nigeria. The black market exchange rate is different from the official exchange rate set by the Central Bank of Nigeria (CBN). The black market rate is determined by the forces of supply and demand in the parallel market, also known as the street market. In this article, we will discuss the current dollar to naira black market exchange rate as of November 17, 2023.
According to data from Google Search, the current dollar to naira black market exchange rate is between ₦1120 and ₦1120 with an average of ₦1,120.00 on November 17, 2023. This means that for every dollar, you can exchange it for ₦1,120 in the black market. It's important to note that the black market exchange rate is not static and can change rapidly due to market forces.
It's also worth mentioning that the black market exchange rate is not regulated by the CBN, and the rates can vary depending on the location and the time of the transaction. The CBN has, however, introduced measures to stabilize the exchange rate in recent times.
Naira Strengthens on Black Market
The naira has strengthened against the dollar on the black market in recent times. According to data from AbokiFX, the naira traded at ₦1110 to the dollar on the parallel market on November 16, 2023. This represents a significant improvement from its record low of ₦1150 per dollar on October 18, 2023.
The improvement in the naira's value can be attributed to the CBN's efforts to stabilize the exchange rate. The apex bank has introduced several measures, including the injection of liquidity into the foreign exchange market and the settlement of forex forward contracts. These measures have helped to reduce the demand for dollars in the parallel market, thereby strengthening the naira.
Forex Trading in Nigeria
Forex trading is a lucrative business in Nigeria, and many individuals and businesses are taking advantage of the opportunities it offers. With the advent of technology, forex trading can now be done online, making it more accessible to people.
However, it's important to note that forex trading carries risks, and it's essential to have a good understanding of the market before investing. It's also important to choose a reputable forex broker to avoid being scammed.
Conclusion
In conclusion, the dollar to naira black market exchange rate is an important topic for individuals and businesses in Nigeria. The current exchange rate is between ₦1120 and ₦1120 with an average of ₦1,120.00 on November 17, 2023. The naira has strengthened against the dollar on the black market in recent times due to the CBN's efforts to stabilize the exchange rate. Forex trading is a lucrative business in Nigeria, but it's essential to have a good understanding of the market and choose a reputable broker to avoid being scammed.