Latest Dollar to Naira Exchange Rates: Black Market vs CBN Rates - 6th January 2024
Saturday 6 January 2024
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In the currency markets, the exchange rate between the US Dollar and the Nigerian Naira continues to be a topic of interest for many. As of Saturday, 6th January 2024, the parallel market, also known as the black market, reflects a buying rate of N1240 and a selling rate of N1250 for one US Dollar, according to information from Bureau De Change (BDC) sources in Lagos.
It's important to note that these rates are specific to the parallel market, which operates independently and is not officially recognized by the Central Bank of Nigeria (CBN). Despite the prevalence of the black market rates, the CBN maintains its official stance that individuals seeking foreign exchange services should approach their respective banks. CONTINUE READING.....
In contrast to the black market rates, the CBN's official exchange rates for the Dollar to Naira on the same date indicate a buying rate of 913 Naira and a selling rate of 914 Naira. The disparity between the official CBN rates and the parallel market rates is a notable aspect of the current foreign exchange landscape.
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It's crucial for individuals engaging in foreign exchange transactions to be aware that the rates mentioned in this article may vary based on market dynamics, and the actual rates at which individuals buy or sell forex might differ. CONTINUE READING.....
For those keeping an eye on the ever-changing exchange rates, the coexistence of official CBN rates and the rates in the parallel market reflects the ongoing complexity in Nigeria's foreign exchange system. Investors, businesses, and individuals are advised to stay informed about these fluctuations to make well-informed decisions in the dynamic currency market.
Please be mindful that exchange rates are subject to change, and individuals are encouraged to seek the most recent and accurate information from reliable sources before engaging in any foreign exchange transactions.
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