US Dollar to Naira Black Market Today 3rd February 2024
Friday 2 February 2024
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In the latest report on the black market currency exchange, the exchange rate for the US dollar to the Nigerian naira has surged to ₦1,450.00 on February 3, 2024. This reflects the continued fluctuation in the parallel market, where foreign currencies are informally traded, diverging significantly from the official exchange rate set by the Central Bank of Nigeria (CBN).
The black market, also known as the parallel market, serves as an alternative trading platform for individuals and businesses facing challenges accessing the official market. The reasons behind utilizing this unofficial avenue can vary from scarcity to regulatory restrictions. CONTINUE READING.....
The exchange rate in the black market experiences daily fluctuations, influenced by factors such as supply and demand dynamics, inflation rates, political instability, and economic policies. Notably, the black market rate tends to be higher than the official rate, indicating a weaker position for the naira in this unofficial trading space.
As of today, the black market dollar to naira exchange rates are:
- Buying rate: ₦1,420.00 per US dollar
- Selling rate: ₦1,450.00 per US dollar
This means that individuals looking to buy 1 US dollar in the black market today would need to pay ₦1,450.00 naira, while those selling 1 US dollar would receive ₦1,420.00 naira. It's crucial to note that these rates may slightly vary based on the location and the dealer involved. CONTINUE READING.....
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In stark contrast to the black market rates, the official exchange rate of the US dollar to the Nigerian naira, as per the Central Bank of Nigeria's records on 3rd February 2024, is ₦886.89 per US dollar. This official rate serves as the benchmark for CBN's transactions and interventions in the foreign exchange market, extending its influence to determine the exchange rates for other major foreign currencies like the euro, pound sterling, and Chinese yuan.
The disparity between the black market rate and the official rate is termed the parallel market premium. This premium reflects the extent of divergence between the official and unofficial markets, providing insights into the level of confidence in the naira and the effectiveness of CBN's policies.
In conclusion, the current black market exchange rates underscore the ongoing challenges faced by the Nigerian economy. The significant difference between the official and parallel market rates emphasizes the complexities within the foreign exchange landscape, highlighting the importance of effective economic policies to bridge these gaps and instill confidence in the national currency.
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