Welcome to today’s update on the Dollar to Naira exchange rate. In this article, we provide the latest information on the exchange rates in the black market (parallel market), the official rates from the Central Bank of Nigeria (CBN), and other relevant details to help you stay informed.
Contents
Our Data Prices On JMData:
- MTN SME 1: N255 per 1GB
- MTN SME 2: N259 per 1GB
- Airtel CG: N278 per 1GB
- Glo CG: N230 per 1GB
- 9mobile: N125 per 1GB
Download Our Mobile APP to get started: [JMData] https://play.google.com/store/apps/details?id=com.encrypted.jmdata
PAWS IS THE NEXT $DOGS
This Mining is the next after #DOGS, Don't Miss it Out
Use this link below to Join 👇👇👇👇👇
https://t.me/PAWSOG_bot/PAWS?startapp=6ZSAPFb3
Current Black Market Exchange Rate – 23rd May 2024
As of today, 23rd May 2024, the exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) in the black market is as follows:
- Buying Rate: N1480 per USD
- Selling Rate: N1500 per USD
These rates are sourced from reliable contacts within the Bureau De Change (BDC) in Lagos.
Official CBN Exchange Rate
For comparison, here are the official exchange rates provided by the Central Bank of Nigeria (CBN):
- Buying Rate: N1445 per USD
- Selling Rate: N1446 per USD
Please note that the CBN does not acknowledge the parallel market rates and advises individuals requiring foreign exchange to approach their respective banks for official transactions.
Related Post
Understanding the Exchange Rates
The exchange rate dynamics in Nigeria are influenced by various factors including economic policies, foreign reserves, and market demand and supply. The black market, also known as the parallel market, often reflects a higher rate due to the increased demand for foreign currency outside the official channels.
Why the Difference in Rates?
- Demand and Supply: The black market rates are typically higher due to the greater demand for dollars by individuals and businesses not met by the official market.
- Regulatory Measures: The CBN imposes controls and limits on forex transactions, which can lead to a discrepancy between the official and parallel market rates.
- Market Speculation: Traders and businesses often anticipate changes in forex policies or economic conditions, impacting the parallel market rates.
Recommendations for Forex Transactions
- Official Channels: For large transactions, it is advisable to use official banking channels to ensure compliance with regulatory guidelines and to benefit from more stable rates.
- Stay Informed: Regularly check for reliable exchange rate updates to make informed decisions.
- Risk Management: Be aware of the risks involved in trading within the black market, including potential legal implications and the volatility of rates.
Conclusion
Staying informed about the latest exchange rates can help you make better financial decisions whether you are trading, travelling, or managing business transactions. We will continue to provide timely updates on the Dollar Naira exchange rate to keep you well-informed.
For more detailed and up-to-date information, follow our daily updates and ensure you are equipped with the latest insights into the forex market.
JOIN NOW
https://t.me/PAWSOG_bot/PAWS?startapp=6ZSAPFb3
Google News Channel
Follow us on Google News for Latest Headlines
Join Our WhatsApp, Facebook, or Telegram Group For More News, Click This Link Below;
WhatsApp Channel
https://whatsapp.com/channel/0029VaELqhlHVvTXjDnUf80h
WhatsApp Group
https://chat.whatsapp.com/G6Lo3ss6WKLCOqBphZwQGk
Facebook Page
https://facebook.com/allmedia24news
Our Twitter Page
https://www.twitter.com/allmedia24news
Telegram Group
https://www.threads.net/@allmedia24news
Discover more from Allmedia24 News
Subscribe to get the latest posts sent to your email.
