Dollar to Naira in the Black Market Today 2nd March 2024

If you're curious about the current exchange rates between the US dollar and Nigerian naira in the black market as of March 2, 2024, you've come to the right place. Let's delve into the unofficial market where currencies are traded at rates distinct from the official ones set by the Central Bank of Nigeria (CBN).

In the unofficial market, often referred to as the black or parallel market, the exchange rates fluctuate daily due to factors such as supply and demand, inflation, political instability, and economic policies. Individuals and businesses resort to this market when facing challenges accessing the official one, which could be due to scarcity, restrictions, or regulations. CONTINUE READING.....

As of March 1, 2024, the black market rates were:

- Buying rate: ₦1,590.00 per US dollar

- Selling rate: ₦1,600.00 per US dollar

The rates for March 2, 2024, remain consistent:

- Buying rate: ₦1,590.00 per US dollar

- Selling rate: ₦1,600.00 per US dollar

To put it simply, if you want to buy 1 US dollar in the black market on March 2, 2024, it will cost you ₦1,600.00, and if you want to sell 1 US dollar, you will receive ₦1,590.00. Keep in mind that slight variations may occur based on your location and the dealer. CONTINUE READING.....

Now, let's compare these black market rates with the official exchange rate, which stands at ₦1,492.67 per US dollar as of March 2, 2024. This official rate, set by the CBN, is used for various transactions and interventions in the foreign exchange market. It serves as the foundation for determining the exchange rates of other foreign currencies like the euro, pound sterling, and Chinese yuan.

The difference between the black market rate and the official rate is termed the parallel market premium. This premium signifies the extent of deviation between the official and unofficial markets, reflecting confidence levels in the naira and the policies implemented by the CBN.

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