Business & Finance

Black Market Dollar to Naira Exchange Rate Today, 6th February 2024

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Black Market Dollar to Naira Exchange Rate Today, 6th February 2024

As of today, 6th February 2024, the Black Market exchange rate for the US Dollar to Naira has witnessed a marginal uptick, reflecting the dynamic nature of foreign exchange in the parallel market.

Despite the Central Bank of Nigeria’s (CBN) stance against recognizing the parallel market, individuals continue to turn to it for their Forex needs. The latest rates, as reported by credible sources in the Lagos Parallel Market, popularly known as the Black Market, are as follows:

  • Buying Rate: N1,450
  • Selling Rate: N1,460

Comparing these rates to the previous day, 5th February 2024, there has been a subtle increase in both the buying and selling prices. On the preceding day, the rates stood at N1,410 for buying and N1,420 for selling.

It’s essential to note that these rates are subject to change as they are influenced by various economic factors and market forces. Individuals looking to engage in Forex transactions should be aware that the rates they encounter may vary from those presented here, as prices fluctuate based on demand and supply.

READ ALSO: Black Market Dollar to Naira Exchange Rate for Today, 5th February 2024

While the CBN urges individuals to approach their respective banks for Forex transactions, the Black Market remains a significant player in the Forex landscape, providing an alternative for those seeking immediate transactions or different rates.

Readers are advised to stay informed and exercise caution when navigating the dynamic foreign exchange market. According to the source, does not set or determine Forex rates, and actual buying or selling rates may differ from the information provided in this article.

Stay updated with the latest market trends and adhere to guidelines to make informed decisions in the ever-changing landscape of currency exchange.

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