Black Market Dollar to Naira Exchange Rate on 23rd February 2024

In the clandestine realm of currency exchange, the black market continues to shape its own narrative, diverging from the official rates set by the Central Bank of Nigeria (CBN). As of February 23rd, 2024, the black market dollar to naira exchange rate maintains its position, with a buying rate of ₦1,690.00 and a selling rate of ₦1,700.00 per US dollar.

Just a day prior, on February 22nd, 2024, the rates mirrored the current standing, emphasizing a stability in the black market despite the ever-fluctuating dynamics influenced by factors like political instability, economic policies, and currency demand and supply.

For those engaged in the unofficial trade of foreign currencies, the black market serves as a viable alternative to the official channels that may be restricted by regulations or scarcity. Individuals and businesses navigate the black market, acknowledging that the exchange rates here are typically higher than the official rates, reflecting the weakened state of the naira in this domain. CONTINUE READING.....

Comparatively, the official exchange rate, as dictated by the CBN on February 23rd, 2024, stands at ₦1,492.67 per US dollar. This rate serves as the benchmark for the central bank's transactions and interventions in the foreign exchange market. It also establishes the baseline for the exchange rates of other major foreign currencies, including the euro, pound sterling, and Chinese yuan.

The gap between the black market rate and the official rate is quantified as the parallel market premium. This premium acts as an indicator, revealing the extent of the divergence between the official and unofficial markets and reflecting the level of confidence in the naira and the policies set forth by the CBN. CONTINUE READING.....

It is essential to note that these exchange rates in the black market may exhibit slight variations based on the location and the specific dealer involved. As the black market continues to navigate its own course, individuals and businesses keen on foreign currency transactions remain attuned to these daily fluctuations, making informed decisions in this dynamic economic landscape.

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