Latest Black Market Dollar to Naira Exchange Rates on 9th February 2024
Thursday, 8 February 2024
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Amidst the ever-evolving foreign exchange market in Nigeria, the black market continues to be a pivotal player, offering an alternative for individuals and businesses seeking foreign currencies. As of February 9, 2024, the black market exchange rate for the US dollar to the Nigerian naira is generating attention.
The black market rates stand at ₦1,475.00 per US dollar for buying and ₦1,482.00 per US dollar for selling. Obtaining 1 US dollar in the black market requires ₦1,482.00, while selling 1 US dollar fetches ₦1,475.00. It's essential to note that these rates may slightly vary based on location and the dealer involved.
In contrast, the official exchange rate set by the Central Bank of Nigeria (CBN) is ₦886.89 per US dollar. This official rate serves as the benchmark for the CBN's transactions and interventions in the foreign exchange market, influencing the rates of other major foreign currencies like the euro, pound sterling, and Chinese yuan. CONTINUE READING.....
The significant gap between the black market rate and the official rate is referred to as the parallel market premium. This premium reflects the extent of disparity between the official and unofficial markets, indicating confidence levels in the naira and the efficacy of the CBN's policies.
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The black market's buying and selling rates, at ₦1,475.00 and ₦1,482.00 respectively, highlight a notable premium over the official rate. This difference is influenced by factors such as supply and demand dynamics, inflation, political instability, and economic policies, contributing to the continual fluctuations in parallel market exchange rates. CONTINUE READING.....
As individuals and businesses navigate the complexities of the foreign exchange landscape, staying informed about these exchange rates becomes imperative. Despite its unofficial nature, the black market remains a vital resource for those facing restrictions or challenges accessing the official market.
In conclusion, the disclosed black market rates on February 9, 2024, underscore the ongoing divergence between official and unofficial exchange rates, encapsulating broader economic sentiments and confidence levels in Nigeria's currency.
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