See the black market Dollar to Naira exchange rate for 3rd November, below. You can swap your dollar for Naira at these rates
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1170 and sell at N1180 on Friday 3rd November 2023, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1170 |
| Selling Rate | N1180 |
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 806 |
| Selling Rate | 807 |
A United States multinational financial service firm, JP Morgan has projected that the naira would trade at N850/$ at the Investors’ and Exporters’ Forex window before the end of 2023.
The US bank, however, stated that the recent efforts to restore a flexible FX regime may be sustained given the willingness to accompany it with tighter monetary conditions.
“The interbank FX rate has risen in recent days to over 900, from 750, thereby significantly closing the gap to the parallel rate which is now just above 1,000.
“We expect USD/NGN to eventually move lower towards 850 by year-end as the combination of tighter policy, as well as more attractive rates and FX levels deter incremental dollarization and perhaps attract some foreign capital,” JP Morgan asserted on Wednesday.
Speaking further, JP Morgan noted that the authorities may need to consider further measures such as requiring commercial banks to adhere to regulatory limits on FX net open positions.
The financial institution noted that other measures include exploring the introduction of a cash reserve ratio on FX deposits as well as the issuance of dollar assets onshore.
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