Dollar To Naira Black Market Rate Today 15 October 2023
Saturday 14 October 2023
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Dollar To Naira Black Market Rate Today 15 October 2023: Naira Holds Steady Against the US Dollar on Lagos Parallel Market
In a recent update on the black market exchange rate for October 15, 2023, the Nigerian Naira continues to maintain its position against the US Dollar. According to data from Aboki FX, a reliable source for tracking parallel market rates, the exchange rate for the US Dollar to Naira stands at N1040 for buying and N1050 for selling. This stability is welcomed news for many Nigerians who follow the fluctuations of the Naira closely.
While these rates provide a snapshot of the current exchange value, it's important to note that the rates may vary slightly depending on the specific location and other factors. The black market, often referred to as the parallel market, operates independently of the official exchange rates set by the Central Bank of Nigeria (CBN). CONTINUE READING.......
The Central Bank of Nigeria has repeatedly emphasized its non-recognition of the black market, encouraging individuals and businesses to engage with the official banking system for their foreign exchange transactions. The CBN has put in place various measures and policies to ensure stability and liquidity in the official foreign exchange market.
Nigerians who require foreign currency or need to engage in Forex transactions are encouraged to approach their respective banks, where they can access foreign exchange services in compliance with CBN regulations.
The stability of the Naira on the black market provides some relief to citizens and businesses alike, as it reflects a level of predictability in the exchange rate. Nevertheless, it is essential to remain vigilant and informed about the latest market developments, as exchange rates can be subject to sudden changes. CONTINUE READING......
In conclusion, as of October 15, 2023, the black market exchange rate for the US Dollar to Naira stands at N1040 for buying and N1050 for selling, offering a stable option for those who engage in currency exchange through this channel. However, individuals and businesses are advised to follow CBN guidelines and access foreign exchange services through their respective banks for a more official and regulated trading experience.
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