The black market exchange rate for the dollar to naira, also known as the parallel market rate (Aboki fx), reflects the ongoing fluctuations in the Nigerian currency landscape. As the global financial markets continue to ebb and flow, the dollar to naira exchange rate remains a constant source of interest and concern for traders, businesses, and individuals alike.
On the 2nd of December, 2023, the black market exchange rate positioned the buying rate of a dollar at N1162, with a selling rate of N1165. These figures illustrate the prevailing conditions of the informal currency trading sphere in Lagos. Notably, the Central Bank of Nigeria (CBN) has officially disavowed the parallel market, urging individuals to pursue foreign exchange transactions through established banking channels.
In tandem with this, the official CBN rate for the dollar to naira exchange on the same day stood at a buying rate of 952 and a selling rate of 953. However, it’s imperative to bear in mind that the actual rates for buying and selling forex may deviate from those outlined in this report due to the inherent variability of the foreign exchange market.
Furthermore, recent data from the FMDQ Securities Exchange revealed the naira’s value wavering throughout the day, oscillating between the high of N1,137 and the low of N700. This volatility underscores the dynamic nature of the currency’s valuation and its susceptibility to multifaceted influences.
In a broader context, the Nigerian naira exhibited a decline, depreciating to N1,165 per dollar in the parallel foreign exchange market on the preceding Thursday, marking a N5 reduction from its value just two days prior. Bureau De Change operators in Lagos reported the dollar’s buying rate at N1,155 and the selling rate at N1,165, signifying a N10 profit margin.
The movements in the official market were also discernible, with the naira experiencing a 0.10 percent dip, concluding at N832.32 to a dollar. These developments underscore the intricate interplay of economic factors that contribute to shaping the foreign exchange landscape in Nigeria.
As the scenarios continue to evolve, it remains crucial for stakeholders and the public at large to remain vigilant and informed about the ever-changing dynamics of the dollar to naira exchange rate in the black market and beyond.
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