Update on Black Market Exchange Rate: Dollar to Naira - February 19, 2024

The most recent information from the Lagos Parallel Market, commonly known as the black market, sheds light on the ongoing exchange rate dynamics between the US Dollar and the Nigerian Naira. As of Sunday, February 19, 2024, sources within the Bureau De Change (BDC) network report that black market players are purchasing a dollar for N1520 and selling it for N1526.

It's important to highlight that while the Central Bank of Nigeria (CBN) doesn't officially recognize the black market, it remains a significant influencer in the forex landscape. The CBN advises individuals seeking foreign exchange transactions to use formal banking channels. CONTINUE READING.....

Current Black Market Dollar to Naira Rates:

- Purchase Rate: N1520

- Sale Rate: N1526

In comparison, the CBN's official rates stand at N1492 for buying and N1493 for selling, indicating a slight divergence between the regulated and parallel markets. Such fluctuations are common due to market dynamics.

Please be aware that the rates provided here may differ from actual rates during forex transactions, as prices are subject to market changes. CONTINUE READING.....

Important Reminder:

Individuals engaging in forex transactions should exercise caution and understand the associated risks with black market dealings. The CBN's recommendation to use official banking channels aims to promote transparency and regulatory adherence.

As the forex landscape evolves, staying informed through reliable sources about the latest exchange rates is vital for individuals involved in currency trading or international financial activities.

In summary, the black market continues to be a significant player in shaping dollar to naira exchange rates, offering an alternative avenue for foreign currency transactions. However, it's crucial to approach such transactions carefully and adhere to regulatory guidelines to ensure a secure financial environment.

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