Naira to Dollar Black Market Rate Today 1st February, 2024
Wednesday 31 January 2024
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In the unofficial currency exchange realm, the black market rate for the US dollar to the Nigerian naira exhibits a notable contrast to the official rate, unveiling economic complexities and uncertainties.
As of 1st February 2024, the black market presents a buying rate of ₦1,485.00 per US dollar and a selling rate of ₦1,495.00 per US dollar. These figures underline the currency's weaker standing in the unofficial market, reflecting heightened demand and supply dynamics, as well as external factors like inflation, political instability, and economic policies.
In stark contrast, the official exchange rate set by the Central Bank of Nigeria (CBN) for the US dollar stands at ₦886.89. This stark divergence gives rise to what is known as the parallel market premium, a metric measuring the deviation between official and unofficial rates. CONTINUE READING.....
This parallel market premium not only signifies the depth of the disparity between the two markets but also serves as a barometer for confidence levels in the naira and the effectiveness of the CBN's policies. The wider the gap, the more pronounced the skepticism in the market.
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Market participants navigating the black market are advised to be vigilant, as these rates can vary slightly based on geographical location and the individual dealer. The economic landscape remains fluid, and the parallel market premium is a crucial indicator of the nation's economic resilience and investor sentiment. CONTINUE READING.....
As the parallel market premium widens, stakeholders and policymakers are prompted to reevaluate economic strategies, fostering stability and boosting confidence in the official currency exchange system.
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