Black Market USD to NGN Exchange Rates for December 9, 2023
Friday 8 December 2023
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In the current report on black market exchange rates as of December 9, 2023, Lagos' parallel market discloses a purchase rate of N1180 and a sales rate of N1190 per US Dollar. These figures, sourced from Bureau De Change (BDC), indicate a consistent pattern observed on December 8.
It's important to highlight that the Central Bank of Nigeria (CBN) officially does not endorse the parallel market, commonly referred to as the black market. Instead, the CBN advises individuals seeking Forex transactions to utilize their respective banks, emphasizing its stance against participating in foreign exchange activities outside regulated channels. CONTINUE READING....
While the black market reports a purchase rate of N1180 and a sales rate of N1190, the CBN's official rates stand at 886 for purchasing and 887 for selling. This underscores a significant variance between the two markets, reflecting the influence of diverse economic factors and regulatory measures.
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Participants in foreign exchange transactions should exercise caution, recognizing that the rates provided in this article may deviate from actual market prices, given the inherent fluctuations in forex rates. Staying informed through reliable sources and adhering to the guidelines outlined by regulatory bodies is advisable. CONTINUE READING.....
Despite the prevalence of black market rates, individuals are strongly encouraged to prioritize official channels and adhere to the guidelines established by the Central Bank of Nigeria. This ensures the stability and integrity of the nation's foreign exchange system.
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