Dollar To Naira Black Market Rate Today 10th September 2023: Unofficial Exchange Rates Continue to Fluctuate

Mubashir Shehu

1 year ago

Dollar To Naira Black Market Rate Today 10th September 2023

In the ever-evolving world of currency exchange, the Dollar to Naira exchange rates at the black market, also known as the parallel market, remain a subject of keen interest. As of September 10th, 2023, the unofficial exchange rate for the Dollar to Naira in the Lagos Parallel Market stands at a buying rate of N920 and a selling rate of N925, according to reports from Abokiforex.app.

These rates, however, come with a caveat. It’s important to note that these unofficial exchange rates may differ from the rates you encounter in practice. Exchange rates in the parallel market can fluctuate rapidly due to various factors, including supply and demand dynamics, economic conditions, and geopolitical events.

The Central Bank of Nigeria (CBN) has consistently maintained its stance of not recognizing the parallel market. Instead, it directs individuals seeking foreign exchange services to approach their respective banks for official rates and transactions. This reflects the regulatory authorities’ efforts to maintain stability and transparency in the Nigerian foreign exchange market.

It’s crucial to exercise caution and due diligence when dealing with unofficial exchange rates in the black market. The rates mentioned here are provided for informational purposes only and may not accurately represent the rates you encounter when exchanging your currency.

As with any financial transaction, it is advisable to consult with reputable sources and financial institutions for the most up-to-date and reliable exchange rates and to ensure compliance with relevant guidelines and regulations.

Please note that exchange rates are subject to change, and the rates mentioned in this article are based on the information available as of September 10th, 2023.

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