In the ever-dynamic world of foreign exchange, the black market has witnessed a notable surge in the Dollar to Naira exchange rate as of 16th February 2024. This shift in rates has garnered attention, reflecting the unpredictable nature of parallel market transactions.
As of 15th February 2024, the exchange rate in the Lagos Parallel Market, also known as the black market, showed that players were acquiring a dollar for N1,553 and selling at N1,560. However, the most recent update for 16th February 2024 indicates a significant increase in the exchange rates.
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Current Black Market Dollar to Naira Exchange Rates:
- Buying Rate: N1,580
- Selling Rate: N1,600
This surge can be attributed to various factors that influence the foreign exchange market, such as economic conditions, global events, and market speculation. It is essential to note that these rates are subject to change and may vary across different locations.
It is crucial for individuals engaging in forex transactions to be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market. The CBN has directed those involved in foreign exchange to approach their respective banks for legitimate transactions.
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RELATED: Black Market Dollar to Naira Exchange Rate Soars on 15th February 2024
While these rates provide a general overview of the black market trends, it is essential to exercise caution and conduct thorough research before engaging in any forex transactions. Prices can vary, and individuals should be mindful that the rates captured in this article may differ from the actual rates during real-time transactions.
Please be advised that Allmedia24.com does not determine or set forex rates, and the rates for buying or selling forex may deviate from the values presented in this article due to market fluctuations.
Stay informed and make well-informed decisions in the dynamic landscape of foreign exchange transactions.
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