Dollar To Naira Black Market Rate Today 30 September, 2023
Friday 29 September 2023
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Dollar To Naira Black Market Rate Today 30 September, 2023
The black market, often referred to as the parallel market, remains a significant point of interest for those tracking the exchange rate between the United States dollar (USD) and the Nigerian Naira (NGN). As of Thursday, 30th September 2023, the unofficial exchange rate in the Lagos Parallel Market stands at N998 for buying and N1003 for selling a US dollar. These rates are according to reports from Bureau De Change (BDC) sources. CONTINUE READING..........
It's essential to acknowledge that the Central Bank of Nigeria (CBN) does not officially recognize the black market as a legitimate platform for foreign exchange transactions. The CBN's directive urges individuals and businesses to engage in forex dealings through authorized banks to ensure regulatory compliance and overall market stability.
Present Black Market Exchange Rates (USD to NGN):
Buying Rate: N998
Selling Rate: N1003
It is worth noting that these rates can vary slightly depending on the specific transaction and market conditions. The black market exchange rates are influenced by several factors, including supply and demand dynamics, economic conditions, and external market forces. CONTINUE READING.....
Many individuals and businesses are attracted to the black market due to the potential for more favorable rates compared to official channels. However, it's crucial to consider the potential risks and consequences associated with unofficial forex transactions.
For those in need of currency exchange, it is advisable to stay informed about both official and unofficial exchange rates and consult with authorized financial institutions for secure and accurate foreign exchange operations.
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