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Exchange rate of black market dollar to naira today 10 November 2023



Dollar to naira rate today 5 December 2023 [Black Market and CBN Rate]

The exchange rate of the black market dollar to naira today 10 November 2023 can be accessed below.

Newsone reports that the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) has always been a topic of significant interest. For those keeping a close eye on the financial landscape, particularly the black market rates, understanding the latest rates is important. In this blog post, we provide an overview of the dollar to naira today.

Current Exchange Rate: dollar to naira today 10 November 2023

As of November 10, 2023, the black market exchange rate for the dollar to naira exchange rate today stands at approximately 1,140 NGN for buying and 1,150 NGN for selling. It’s important to note that these rates can fluctuate throughout the day due to various economic factors and market dynamics.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1140
Selling Rate N1150

Dollar to Naira CBN Rate Today

Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.

1 USD = 804.54 NGN
1 Dollars = 804.54 Nigerian Naira
The USDNGN rate as of 10 Nov 2023 at 8:38 AM

Factors Influencing Black Market Exchange Rates:

Understanding what drives the exchange rates in the black market is crucial for anyone dealing with foreign exchange. Several factors contribute to these fluctuations:

  1. Demand and Supply: The fundamental law of economics applies here. If there’s a high demand for the Dollar (perhaps for international transactions or as an investment), the value of the Dollar goes up relative to the Naira.
  2. Economic Indicators: Key economic indicators like inflation rates, interest rates, and the overall economic stability of a country play a significant role. Economic uncertainty can lead to fluctuations in exchange rates.
  3. Government Policies: Government interventions in the foreign exchange market can impact exchange rates. Policies such as capital controls or currency pegs can influence the value of the Naira.
  4. Political Stability: Political stability or instability can have a significant impact on exchange rates. A stable political environment is generally more attractive to foreign investors.

The Impact on Everyday Life:

These exchange rate fluctuations in the black market have a direct impact on the daily lives of Nigerians. For instance:

  1. Import Costs: A weaker Naira means higher costs for imported goods, impacting the prices of everyday items.
  2. Investment Decisions: Investors and businesses must carefully consider exchange rates when making decisions about foreign investments and transactions.
  3. Travel Abroad: For individuals planning to travel abroad, the exchange rate can significantly impact their travel budget.

People Also Asked:

  1. What is the official exchange rate?
    • The official exchange rate is set by the Central Bank of Nigeria. As of November 10, 2023, it’s around 1,150 NGN to 1 USD.
  2. Why is there a black market for foreign exchange?
    • The black market exists due to the disparity between the official exchange rate and the actual market demand for foreign currency.
  3. How can I access the official exchange rate?
    • You can check the official exchange rate on the Central Bank of Nigeria’s official website or through authorized financial institutions.
  4. Are black market rates legal?
    • Black market rates are not illegal, but they exist outside the regulatory framework set by the government.
  5. Is the exchange rate expected to stabilize in the near future?
    • Exchange rate stability depends on various factors, including government policies, global economic conditions, and more. Predicting exchange rate movements can be challenging.


The dollar to naira today 10 November 2023 is a critical aspect of Nigeria’s financial landscape. Understanding its dynamics and the factors influencing it can empower individuals and businesses to make informed financial decisions in an ever-changing economic environment. Keep an eye on these rates, and stay updated to navigate the intricate world of foreign exchange effectively.

Disclaimer: NEWSONE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.