Black Market Dollar to Naira Exchange Rate as of November 23, 2023
Wednesday 22 November 2023
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In the latest update on the black market exchange rates, as of November 23, 2023, the dollar to naira exchange rate stands at N1155 for buying and N1165 for selling. This information was gathered from Bureau De Change sources operating in the Lagos Parallel Market, commonly known as the black market or Aboki fx.
It is important to note that the Central Bank of Nigeria (CBN) officially does not recognize the parallel market and advises individuals to conduct foreign exchange transactions through their respective banks. In contrast, the CBN's official rate for the dollar to naira exchange is set at a buying rate of 803 and a selling rate of 804. CONTINUE READING....
It's worth mentioning that forex rates can vary, and individuals should be aware that the rates they encounter may differ from the ones reported here due to market fluctuations. Stay informed to make well-informed decisions in the dynamic foreign exchange landscape.
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Individuals engaging in foreign exchange transactions should exercise caution and consider the official CBN rates when making financial decisions. The disparity between the black market and CBN rates highlights the importance of following official channels for foreign currency transactions.
The black market rates reported here, N1155 for buying and N1165 for selling, reflect the current dynamics in the parallel market. Traders and individuals involved in foreign exchange activities should stay informed about these fluctuations to navigate the market effectively. CONTINUE READING.....
As the Central Bank continues to emphasize the use of authorized banks for forex transactions, it remains to be seen how these parallel market rates will impact the broader economic landscape. Keep a close eye on developments in the foreign exchange market for timely and accurate decision-making.
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