Black Market and CBN Dollar To Naira Exchange Rate Update 11th December 2023
Monday 11 December 2023
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In the latest twist of forex dynamics, the black market (parallel market) witnessed a surge in the Dollar to Naira exchange rate, with buyers grappling at N1185 and sellers commanding N1195, as reported on Sunday, 10th December 2023. Meanwhile, the official Central Bank of Nigeria (CBN) rates stood at a considerably lower Naira valuation, with buying and selling rates fixed at 886 and 887, respectively.
This significant gap between the black market and CBN rates has sparked concerns and debates within the financial landscape. While the CBN staunchly maintains its non-recognition of the parallel market, individuals seeking forex transactions are left to navigate the contrasting rates offered by the two platforms. CONTINUE READING....
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It's imperative to note that these rates are subject to fluctuations, and the actual buying or selling prices may deviate from the figures reported here, owing to the inherent volatility of the forex market. As the disparity persists, individuals are urged to approach their respective banks for official forex dealings, adhering to the guidelines set forth by the Central Bank of Nigeria.
As the nation grapples with these divergent rates, the financial sector remains on high alert, monitoring the implications of this widening gap on the economy and individuals engaging in foreign exchange transactions.
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