In the latest development in the foreign exchange market, the black market exchange rate for the Dollar to Naira has been reported at N1230 for selling and N1220 for buying. This update, as of Wednesday, 3rd January 2024, reflects the rates observed at the Lagos Parallel Market, commonly known as the black market.
It’s crucial to highlight that these rates are not recognized by the Central Bank of Nigeria (CBN), as the institution directs individuals to conduct their foreign exchange transactions through authorized banks.
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For those seeking the official rates, the CBN provides a buying rate of 913 Naira and a selling rate of 914 Naira for the Dollar to Naira exchange. However, it’s essential to note that actual transaction rates may vary, as prices fluctuate in the forex market.
As individuals navigate the dynamic foreign exchange landscape, it’s advisable to stay informed and, if engaging in forex transactions, to adhere to the guidelines set by regulatory authorities.
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