Black Market Dollar Rates vs CBN Dollar Rates - 7th February 2024
Wednesday 7 February 2024
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In the ever-changing landscape of foreign exchange rates, staying informed is crucial for individuals and businesses alike. As of 7th February 2024, we provide you with the most recent Dollar to Naira exchange rates, both at the Black Market (also known as the parallel market or Aboki FX) and the official Central Bank of Nigeria (CBN) rates.
Black Market Exchange Rate (Aboki FX):
- Buying Rate: N1455
- Selling Rate: N1465
On Tuesday, 6th February 2024, market players at the Lagos Parallel Market were observed buying a dollar for N1455 and selling at N1465, according to sources at Bureau De Change (BDC). It's important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, urging individuals to conduct forex transactions through their respective banks. CONTINUE READING.....
CBN Exchange Rate:
- Buying Rate: 1408
- Selling Rate: 1409
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In contrast, the official rates provided by the Central Bank of Nigeria (CBN) stand at a buying rate of 1408 and a selling rate of 1409. The CBN emphasizes approaching authorized banks for forex transactions, emphasizing their non-recognition of the parallel market.
It's worth noting that the rates presented here may vary from real-time market fluctuations, as forex prices are subject to change. Individuals engaging in currency exchange are advised to monitor live rates and approach authorized financial institutions for the most accurate and up-to-date information. CONTINUE READING.....
Understanding the dynamics between the Black Market and CBN rates is essential for making informed financial decisions. While the CBN provides an official benchmark, the Black Market often reflects the prevailing demand and supply conditions, influencing the rates seen on the streets of Lagos and beyond.
In conclusion, navigating the complex world of currency exchange requires vigilance and a keen awareness of the latest rates. Stay informed, make informed decisions, and consider consulting with financial experts for personalized advice tailored to your specific needs.
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