Dollar To Naira Black Market Rate Today Saturday 28 October 2023
Friday 27 October 2023
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In the world of foreign exchange, the black market, or parallel market, often plays a unique role in determining the exchange rate for various currencies. As of today, October 28, 2023, the Dollar to Naira exchange rate in the Lagos Parallel Market, also known as the Black Market, stands at N1140 for buying and N1150 for selling. These rates are according to sources at Bureau De Change (BDC).
It's essential to note that the Central Bank of Nigeria (CBN) officially does not recognize the parallel market or black market exchange rates. Instead, the CBN directs individuals seeking to engage in Forex transactions to approach their respective banks. This regulatory approach aims to ensure stability and control in the foreign exchange market.
The buying and selling rates mentioned here are a snapshot of the current situation. However, it's important to understand that the black market exchange rates can fluctuate frequently due to various factors such as market demand, supply, and economic conditions. Therefore, the rates you may encounter when buying or selling Forex could vary from those mentioned in this article. CONTINUE READING.....
To provide a broader perspective, it's worth mentioning that just yesterday, on October 27, 2023, the Dollar was priced at N1285 for buying and N1290 for selling in the black market. This significant difference within a day illustrates the volatility and dynamic nature of the black market exchange rates.
As individuals and businesses navigate the foreign exchange landscape, they should stay informed and exercise caution when engaging in Forex transactions. The rates mentioned in this article are indicative of the market conditions at the time of writing, but the ever-changing nature of the black market means that today's rates might differ from those you encounter when you decide to exchange your currency. CONTINUE READING.....
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