UPDATE: Unbelievable Dollar To Naira Black Market Rate Today! You Won't Believe the Shocking Figures on October 13, 2023!
Friday 13 October 2023
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UPDATE:Unbelievable Dollar To Naira Black Market Rate Today! You Won't Believe the Shocking Figures on October 13, 2023!
Exclusive Insights on the Mind-Boggling Exchange Rates in the Lagos Parallel Market – A Must-See!
In a significant development on October 13, 2023, we take an in-depth look at the black market exchange rates for the US Dollar to the Nigerian Naira. These rates are creating quite a stir among traders, business individuals, and the public. The unofficial parallel market continues to be a go-to place for many, in defiance of the Central Bank of Nigeria's (CBN) official stance.
The Numbers:
As of October 13, 2023, the exchange rates at the Lagos Parallel Market are as follows:
Buying Rate: N1035
Selling Rate: N1045
These figures are not static and can change rapidly. This update is sourced from reliable information gathered from participants at Bureau De Change (BDC) and illustrates the dynamic nature of the black market. CONTINUE READING........
CBN's Official Position:
It's important to note that the Central Bank of Nigeria does not recognize or endorse the black market exchange rates. The CBN advises individuals and businesses engaging in Forex transactions to approach their respective banks or authorized financial institutions. The official rates from these institutions may differ from those in the black market due to various factors and market conditions.
Parallel Market Popularity:
The use of the black market for currency exchange remains widespread due to the flexibility it offers. This includes access to foreign currencies that might not be readily available through official channels. However, individuals should exercise caution when engaging in the black market to avoid potential fraud or financial risks. CONTINUE READING........
Factors Influencing Rates:
Exchange rates in the black market can fluctuate quickly due to factors such as supply and demand, economic conditions, geopolitical events, and government policies. Understanding these influences can help individuals make informed decisions when buying or selling foreign currency.
In conclusion, as of October 13, 2023, the black market exchange rate for the US Dollar to the Nigerian Naira stands at N1035 for buying and N1045 for selling. Individuals should keep in mind that official CBN rates may differ and should carefully evaluate their options when engaging in foreign currency transactions, considering the potential risks associated with the black market.
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