Latest Update on USD to NGN Exchange Rate in the Black Market: 20th February 2024

On the 20th of February 2024, the parallel market, commonly known as the black market, discloses its current exchange rates for the US dollar against the Nigerian naira. This informal marketplace operates independently of the Central Bank of Nigeria's (CBN) regulated rates.

The current black market rates are as follows:

- Purchase rate: ₦1,690.00 per US dollar

- Selling rate: ₦1,700.00 per US dollar

For individuals engaging in transactions, this means that obtaining 1 US dollar requires ₦1,690.00, while selling 1 US dollar yields ₦1,700.00. It's important to note that these rates may exhibit slight variations depending on the location and dealer.

Comparing the black market rates to the official exchange rate, a significant difference is evident. As of today, the CBN maintains the official exchange rate at ₦1,492.67 per US dollar. This official rate serves as the benchmark for CBN's foreign exchange operations and influences the valuations of other foreign currencies such as the euro, pound sterling, and Chinese yuan. CONTINUE READING.....

The disparity between the black market rate and the official rate is referred to as the parallel market premium. This premium signifies the extent of deviation between the official and unofficial markets and reflects the confidence levels in the Nigerian naira and the effectiveness of CBN's policies.

The fluctuation in the black market exchange rates is influenced by various factors, including supply-demand dynamics, inflation rates, political stability, and economic policies. Individuals and businesses often resort to the black market due to constraints or regulations that impede access to the official market.

In conclusion, the black market plays a crucial role in currency exchange, operating outside official regulatory frameworks. As the rates continue to fluctuate, stakeholders must navigate these dynamics while staying aware of the broader economic landscape.

Buy your Data On Our Bz Data Sell App: Mobile app to buy Mobile data, Airtime, Nepa bills, TV subscription & data pins.

We offer instant recharge of Airtime, Data bundle, CableTV (DStv, GOtv & Startimes), Electricity Bill Payment, Recharge Card Print and more.

Bz Data Sell Website https://bzdatasell.com.ng

Install our App Bz Data Sell on Play store

https://play.google.com/store/apps/details?id=bz.datasell

Join Our Whatsapp Group

https://www.bzglobalservice.com.ng/p/join-our-groups-whtasapp-now-to-get-any.html

Our WhatsApp Channel

https://whatsapp.com/channel/0029Va4hi718vd1Mifphp11s

Our Facebook Page

https://www.facebook.com/bznews1?mibextid=ZbWKwL

Our Android App