Dollar To Naira Black Market Rate Today 21 October 2023
Friday 20 October 2023
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Dollar To Naira Black Market Rate Today 21 October 2023
In a recent development on October 21, 2023, the black market exchange rate for the US Dollar to the Nigerian Naira, also known as the parallel market rate, stands at N1160 for buying and N1170 for selling. This data is sourced from reliable information provided by Bureau De Change (BDC) participants in Lagos, Nigeria.
It is essential to acknowledge that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, as it has encouraged individuals looking to engage in forex transactions to approach their respective banks. Therefore, the rates in the black market may not always align with the official rates offered by banks. CONTINUE READING.....
As of October 21, 2023, the black market exchange rate offers a buying rate of N1160 for one US Dollar, while the selling rate is slightly higher at N1170. These rates are indicative of the exchange rate dynamics at the black market in Lagos, Nigeria. However, it's worth noting that the forex market can be highly volatile, and exchange rates are subject to change frequently.
It's important to emphasize that the rates for buying or selling forex may differ from what is reported here, as foreign exchange rates in the black market are influenced by various factors and can fluctuate. Individuals engaging in forex transactions are advised to exercise caution and conduct thorough research before participating in the market. CONTINUE READING.....
Please keep in mind that exchange rates, especially in the black market, are influenced by supply and demand, economic conditions, geopolitical events, and other factors. Staying informed and consulting with financial experts or your bank can help you make well-informed decisions when dealing with foreign exchange.
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