UPDATE: Dollar To Naira Black Market Rate Today - October 22, 2023
Saturday 21 October 2023
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Dollar To Naira Black Market Rate Today - October 22, 2023
In the realm of international currency exchange, the parallel market, often referred to as the black market, plays a substantial role. On October 22, 2023, the exchange rate for the US Dollar to the Nigerian Naira was reported as follows at the Lagos Parallel Market, commonly known as the Black Market:
- Purchase Rate: N10160
- Selling Rate: N10170
This report surfaces against the backdrop of the ongoing discussion and controversy concerning the stance of the Central Bank of Nigeria (CBN) regarding the parallel market. It's important to clarify that the CBN does not officially endorse or acknowledge the existence of the black market, instead advising individuals interested in Forex trading to engage with their respective banks. CONTINUE READING........
Specifically on the mentioned date, October 22, 2023, sources within the Bureau De Change (BDC) disclosed that participants in the black market were acquiring US Dollars for N1160 and selling them for N1170.
Nonetheless, it's crucial to recognize that exchange rates in the black market can be notably volatile and are influenced by various factors, including the interplay of supply and demand, prevailing economic conditions, and global events.
For individuals involved in foreign currency transactions, it's essential to bear in mind that the rates at which you purchase or sell foreign exchange may diverge from those presented here, as the black market is known for its oscillations. CONTINUE READING..........
Exchange rates, particularly in the black market, have significant implications for international trade, the domestic economy, and the purchasing power of the populace. Therefore, it is imperative for entities and individuals partaking in cross-border dealings to stay informed about these rates.
It is also prudent to note that exchange rates are subject to change and can experience rapid fluctuations. To obtain the most precise and current information regarding the Dollar to Naira exchange rate, it is advisable to refer to reputable financial sources and official channels.
With the ongoing debate surrounding the role and legitimacy of the black market, the performance of the Naira in the parallel market remains a topic of considerable interest for local and global observers. Vigilant monitoring of these rates and attentiveness to potential shifts or advancements in the foreign exchange landscape is recommended.
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