Connect with us

Exchange Rate

Dollar To Naira Black Market/Official Exchange Rate Today, Thursday Jan 18, 2024

The current US Dollar to Nigeria Naira Exchange Rate for today Thursday, October 19, 2023…

Published

on

NairaDollar
Dollar to Naira Exchange Rate

Dollar to Nigeria Naira Exchange Rate for today Thursday, January 18, 2024 will be disclosed in it’s Black Market and Official rates respectively.

However, it is important to understand the difference between the two exchange rates – “Black Market rate and Official exchange rate” as used in the trade market.

According to Investopedia, the world’s leading source of financial content, Black Market Exchange rate is economic activity that takes place outside government-supervised channels to avoid taxes and price controls. In its simple way, Black market exchange rates are exchange rates that differ from the officially given exchange rate set by a government.

Official exchange rate is the opposite of Black market rate. It is refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market.

Exchange Rates

Dollar to Naira Black Market Rate

At the parallel market also know as the black market, as of today Thursday, January 18, 2024 at 05:00AM, (Abuja) Naira is being exchanged with the dollar at the rate of 1,325/$1 (Buying) and 1,340/$1 (Selling).

BuyingSelling
₦1,325.00₦1,340.00

This indicates that the Nigerian Naira fell by -1.65% (-14.39) against the US Dollar as compared to the previous closing exchange rate.

Dollar to CBN Exchange Rate

The exchange rate today for $1 (1USD) is equal to ₦859.09 (NGN). This is the exchange rate used by the Central Bank of Nigeria (CBN). For the basic conversion, we use the midpoint between the buy and sell rates of USD to NGN at currency exchanges across the globe.

The current exchange rate is equivalent to ₦859.0900.

BuyingSelling
₦894.52₦895.52

This indicates that the Nigerian Naira fell by -1.65% (-14.39) against the US Dollar as compared to the previous closing exchange rate at ₦873.4842.

Compare

A year ago today, on this day, the CBN equivalent of $1.00 us dollars was ₦456.89 naira, which is ₦343.09 less than it is now. Over the last 7 days, the best beneficial exchange rate was ₦788.92.

One Year AgoActual Value
₦456.89₦859.90

WhatsAppCOnnect

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

ATM withdrawal ATM withdrawal
Business2 minutes ago

CBN Orders Banks to Refund Failed ATM Transactions Within 48 Hours

The Central Bank of Nigeria (CBN) has issued a draft guideline mandating banks to refund customers for failed ATM transactions...

Godswill Akpabio Godswill Akpabio
Politics16 minutes ago

Akpabio Vows Senate Won’t Be Held Hostage by ‘Disruptive Lawmakers’

Senate President Godswill Akpabio says the National Assembly will not be held hostage by any lawmaker.

TinubuVerseNews TinubuVerseNews
Business3 hours ago

Who Nigeria Owes: Full Breakdown as Public Debt Soars to ₦152.39 Trillion in June 2025

Nigeria’s total public debt has climbed to an all-time high of ₦152.39 trillion as of June 2025, according to new...

Professor Joash Amupitan 932x1024 1 Professor Joash Amupitan 932x1024 1
Politics3 hours ago

BREAKING: National Assembly Lawyers Ask Senate to Disqualify Joash Amupitan as INEC Chairman

Over 1,000 Nigerian lawyers under ALDRAP have petitioned the Senate to disqualify Prof. Joash Amupitan as INEC Chairman.

governor governor
News3 hours ago

Edo Gov Okpebholo Orders Probe into 17-Year-Old Who Bought 14,000 Hectares of Land in Cash

Edo State Governor Monday Okpebholo has ordered a probe into a 17-year-old boy who allegedly bought 14,000 hectares of land...

Ondo Governorship Primary Ondo Governorship Primary
Politics3 hours ago

‘They’re Undertakers’ – APC Mocks PDP, Says Defections Signal Final Burial of Opposition

The APC has mocked the PDP, calling its remaining members “undertakers” presiding over the opposition’s final collapse.

SOMTOCHUKWU CHRISTELLE MADUAGWU 1 SOMTOCHUKWU CHRISTELLE MADUAGWU 1
News4 hours ago

BREAKING: Burial Plans Announced for ARISE News Anchor Somtochukwu Maduagwu

ARISE News has announced the burial date for its late anchor and producer, Somtochukwu Maduagwu, who was tragically killed during...

somto somto
News4 hours ago

Fresh Details Emerge on How Arise News Staff Somtochukwu Was Killed in Abuja Robbery, as NFSS, Police Arrest Five Suspects

Fresh details have emerged on the killing of Arise News staff member Somtochukwu Maduagwu during a robbery attack in Abuja.

lookman lookman
Sports4 hours ago

Ademola Lookman Suspended for Nigeria vs Benin World Cup Qualifier, Coach Chelle Reacts

Nigeria’s Ademola Lookman will miss the crucial 2026 FIFA World Cup qualifier against Benin Republic after receiving his second yellow...

NFF Settles For Another Foreign Coach For Super Eagles NFF Settles For Another Foreign Coach For Super Eagles
Sports4 hours ago

2026 World Cup: What Super Eagles Must Do to Qualify After Narrow 2-1 Win Over Lesotho

Nigeria’s Super Eagles kept their 2026 FIFA World Cup hopes alive with a 2-1 win over Lesotho, but qualification remains...

Advertisement