LATEST BLACK MARKET UPDATE: Dollar to Naira Exchange Rates - 13th February 2024
Monday 12 February 2024
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In the ever-fluctuating world of currency exchange, staying informed about the latest rates is crucial. As of 13th February 2024, the black market, also known as the parallel market, is buzzing with activity. Let's dive into the latest Dollar to Naira exchange rates and explore what's happening in the financial landscape.
Black Market Dollar to Naira Exchange Rate Today (Aboki FX):
- Buying Rate: N1490
- Selling Rate: N1495
On Monday, 12th February 2024, players in the Lagos Parallel Market were observed buying a dollar at N1490 and selling at N1495, according to sources at Bureau De Change (BDC). These rates provide a snapshot of the dynamic nature of the black market. CONTINUE READING.....
CBN's Stance on the Parallel Market:
It's important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN has directed individuals seeking foreign exchange (Forex) transactions to approach their respective banks, emphasizing the importance of adhering to regulated channels.
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CBN Dollar to Naira Rate Today:
- Buying Rate: 1514
- Selling Rate: 1515
In contrast to the black market rates, the CBN's official rates stand at 1514 for buying and 1515 for selling. CONTINUE READING.....
Variability in Forex Rates:
It's essential to understand that the rates presented here may not precisely reflect the rates you encounter in the market. Forex prices are subject to fluctuations, and individuals engaging in currency transactions may experience variations in the rates.
Navigating the Forex Landscape:
For those navigating the Forex landscape, it's crucial to approach currency exchange with caution and awareness. While the black market provides an alternative for some, the CBN encourages individuals to use regulated channels to ensure transparency and compliance with established financial guidelines.
As the financial world continues to evolve, keeping a close eye on exchange rates becomes increasingly important. Whether you're a business owner, a traveler, or an investor, being well-informed about the latest developments in the currency market empowers you to make sound financial decisions.
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