In the unofficial currency exchange arena, the black market dollar to naira rates on February 11th, 2024, reveal a dynamic economic landscape. Individuals and businesses often turn to the parallel market due to restrictions or scarcity hindering access to the official market.
Current Rates:
- Buying Rate: ₦1,478.00 per US dollar
- Selling Rate: ₦1,488.00 per US dollar
These figures underscore the prevailing trend where the naira’s value appears weaker in the black market compared to the official exchange rate.
Comparison with Official Rate:
Contrastingly, the Central Bank of Nigeria (CBN) sets the official rate at ₦886.89 per US dollar. This rate serves as the foundation for CBN’s transactions and interventions, influencing the exchange rates of other foreign currencies like the euro, pound sterling, and Chinese yuan.
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Parallel Market Premium:
The difference between the black market rate and the official rate, termed the parallel market premium, gauges the divergence between official and unofficial markets. This premium reflects the confidence level in the naira and CBN’s policies, providing insights into economic stability.
As these rates fluctuate daily based on supply, demand, inflation, political stability, and economic policies, individuals and businesses navigating the foreign exchange landscape should remain vigilant. It’s crucial to note that the provided rates are subject to slight variations based on location and dealer preferences.
Navigate these currency fluctuations with informed decision-making, acknowledging the intricate interplay between the black market and official rates in shaping Nigeria’s economic outlook.
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