Connect with us

Exchange Rate

See Dollar To Naira Black Market/Official Exchange Rate Today, Thursday Feb 1, 2024

The current US Dollar to Nigeria Naira Exchange Rate for today Thursday, February 1, 2024…

Published

on

dump your dollars

Dollar to Nigeria Naira Exchange Rate for today Thursday, February 1, 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.

Advertisement

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, February 1, 2024 at 05:00AM, (Abuja) Naira is being exchanged with the dollar at the rate of ₦₦1,485./$1 (Buying) and ₦₦1,485./$1 (Selling).

Advertisement
BuyingSelling
₦1,485.00₦1,495.00

This indicates that the Nigerian Naira fell by -0.11% against the US Dollar as compared to the previous closing exchange rate.

Dollar to CBN Exchange Rate

Advertisement

The exchange rate today for $1 (1USD) is equal to ₦952.41 (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 ₦1,192.44

BuyingSelling
₦1,191.44₦1,192.44

This indicates that the Nigerian Naira fell by -0.11% against the US Dollar as compared to the previous closing exchange rate at ₦952.41

Advertisement

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

Advertisement

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.

Advertisement
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

minimum age minimum age
Education8 seconds ago

BREAKING: FG Sets New Minimum Age for University Admission

The Federal Government warned that any attempt by institutions to manipulate or falsify age records...

nigerian banks nigerian banks
Business20 minutes ago

BREAKING: Nigerian Banks to Report Accounts With ₦5m Monthly Transactions

Nigerian Banks will now report or flag any personal or business account that processes a total of ₦5 million or...

muslims muslims
Lifestyle54 minutes ago

Why Muslims Bury Their Dead Within 24 Hours

Why Do Muslims Bury Their Dead So Quickly? Understanding the Faith and Tradition Behind Immediate Burial

jamb candidates jamb candidates
Education55 minutes ago

FULL LIST: JAMB Announces Top 10 2025 UTME Scorers

JAMB announces the top 10 candidates, along with their gender, state of origin, institution of choice, and course of choice

Nigerian International Passport Nigerian International Passport
News55 minutes ago

FG Launches Special Passport Office for Senior Public Officials

Olubunmi Tunji-Ojo, said the newly launched facility was established to address the challenges public officials.

jamb cut of mark jamb cut of mark
Education16 hours ago

JAMB Sets 2025/2026 Admission Cut-Off Marks for Universities, Polytechnics and Colleges

The cut-off marks were approved during the 2025 JAMB Policy Meeting held in Abuja, which brought together key stakeholders.

asuu trike asuu trike
Education23 hours ago

BREAKING: ASUU Declares Nationwide Strike

Already, ASUU branches at the University of Jos and the University of Abuja have commenced the strike action in compliance...

Double Taxation Agreement talks Double Taxation Agreement talks
Business24 hours ago

Netherlands Begins Double Taxation Agreement Talks with Nigeria

The talks mark a significant step in Nigeria’s evolving international tax diplomacy and its effort to align with global fiscal...

David Mark Rauf Aregbesola ADC David Mark Rauf Aregbesola ADC
News1 day ago

Coalition: David Mark, Other ADC Interim Leaders Dragged to Court – DETAILLS

The lawsuit threatens the fragile unity of the opposition coalition, reportedly being driven by former Vice President Atiku Abubakar,

enugu airr enugu airr
News1 day ago

Enugu Air Officially Launches Domestic Flight Services Across Nigeria [PHOTOS]

Nigeria’s Aviation Minister, Festus Keyamo, who commissioned the airline, assured that the federal government will fully support the success of...

Advertisement