Breaking News: Black Market Dollar to Naira Exchange Rates - March 7th, 2024
In the latest update on the black market exchange rates between the United States Dollar (USD) and the Nigerian Naira (NGN), here are the current rates as of March 7th, 2024:
| Exchange Rate Type | Buying Rate (NGN) | Selling Rate (NGN) |
|------------------------|------------------|--------------------|
| Black Market (Aboki fx)| N1600 | N1610 |
| CBN Rate | N1590 | N1591 |
The black market, also known as the parallel market, is where individuals can exchange their dollars for Naira at the prevailing rates. On Wednesday, March 6th, 2024, players in the Lagos Parallel Market were buying a dollar for N1600 and selling it for N1610, according to sources at Bureau De Change (BDC).
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and advises individuals to approach their respective banks for foreign exchange transactions.
Moreover, please be aware that the rates mentioned in this article are subject to change, as forex prices can vary.
In other news, the CBN has recently reduced the exchange rate used to calculate import duties. The rate has been slashed by 5.3%, bringing it down to N1,544.081 per dollar. This adjustment follows a period of relative stability in the exchange rate between the Naira and the United States dollar.
Stay tuned for further updates on the currency exchange market.
*[Disclaimer: The rates provided are for informational purposes only. Actual rates may vary.]*
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