In the fast-paced world of foreign exchange, the Dollar to Naira exchange rate holds significant importance for Nigerians, businesses, and investors alike. As of Tuesday, 13th September 2023, the black market, often referred to as the parallel market, has provided the following exchange rates, giving insight into the current state of currency trading in Lagos:
Buying Rate: N924 per US Dollar
Selling Rate: N937 per US Dollar
These figures, carefully sourced from the reliable abokifx official website, offer a snapshot of the prevailing exchange rates in the informal foreign exchange market within Lagos. However, it’s crucial to acknowledge that these rates exist outside the official purview of the Central Bank of Nigeria (CBN).
The CBN has consistently emphasized its non-recognition of the parallel market for forex transactions. Instead, the central bank encourages individuals seeking foreign exchange services to engage with their respective banks, where they can access official rates. This policy aims to maintain stability in the foreign exchange market.
Nevertheless, the black market continues to thrive due to a variety of factors, including fluctuations in official exchange rates, limited access to foreign currency through official channels, and demand for foreign currency for various purposes, including travel, trade, and investments.
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It’s essential for individuals and businesses to exercise caution and stay informed when participating in the parallel market. Forex rates in the black market are highly susceptible to changes influenced by supply and demand dynamics, economic developments, and geopolitical events.
Keep in mind that the rates you encounter for buying or selling forex may differ from those presented in this article. Forex trading in the black market is subject to rapid fluctuations, and individuals are advised to consult reputable financial news outlets and official forex platforms for the most accurate and up-to-date information.
In conclusion, the Dollar to Naira exchange rate in the black market remains a crucial aspect of Nigeria’s financial landscape. While the official channels are encouraged by the CBN, the parallel market persists as a vital source for accessing foreign currency in certain situations. Staying well-informed and monitoring the latest developments in the forex market is essential for making prudent financial decisions in this dynamic environment.
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