Latest Update: Black Market Dollar To Naira Exchange Rate On November 16, 2023

View the current black market exchange rate for Dollar to Naira on November 15th below. These rates are applicable for those looking to exchange their dollars for Naira…CONTINUE READING

In the Lagos Parallel Market (Black Market), players are reported to buy a dollar for N1132 and sell at N1137 on Wednesday, November 15, 2023, as per sources at Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market) and has directed individuals seeking to engage in Forex transactions to approach their respective banks.

Dollar to Naira Black Market Rate Today:

• Buying Rate: N1132
• Selling Rate: N1137

Dollar to Naira CBN Rate Today:

• Buying Rate: 843
• Selling Rate: 844

Furthermore, by the end of September 2023, eight companies reported a combined loss of N918.1 billion due to a 68.55% decline in the value of the naira against the dollar.

The Central Bank of Nigeria’s decision to let the market determine the naira’s value resulted in a fall from 461/$1 in December 2022 to 777/$1 in September 2023.

A breakdown of the financial statements of these companies revealed that the devaluation of the naira from N465/$ at the end of May 2023 to N776.79/$ caused the recorded exchange loss.

The affected firms include Dangote Sugar Refinery Plc, Dangote Cement Plc, Nestle Nigeria Plc, Nigerian Breweries Plc, Guinness Nigeria Plc, MTN Nigeria Communications Plc, Airtel Africa Plc, MRS Oil Nigeria Plc, and Seplat Energy Plc.

According to the World Bank, the naira is among the worst-performing currencies in Africa, experiencing nearly a 40% depreciation in value since June.