In the ever-volatile realm of currency exchange, the black market continues to wield influence in determining the value of the US Dollar against the Nigerian Naira. As of Monday, September 25, 2023, the black market exchange rate for the US Dollar to Nigerian Naira stands at N985 for buying and N995 for selling.
Please bear in mind that these rates are obtained from the unofficial black market, which operates independently of the Central Bank of Nigeria’s (CBN) regulatory framework. The CBN advises individuals seeking foreign exchange transactions to utilize their respective banks rather than the parallel market.
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However, it’s essential to acknowledge that, as with any unofficial market, rates can fluctuate. Real-world rates may differ from those reported here. The black market exchange rate is influenced by a range of factors, such as supply and demand dynamics, economic conditions, and geopolitical events, all of which contribute to its inherent volatility.
Individuals and businesses engaging in forex transactions should exercise caution and stay informed about the latest exchange rates through trustworthy sources. It is crucial to be mindful of compliance with relevant guidelines and regulations when considering any involvement with the black market.
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