Today’s Black Market Dollar To Naira Exchange Rate – 14th February 2024

Today’s Black Market Dollar To Naira Exchange Rate – 14th February 2024

As Nigerians seek the latest updates on the dollar to naira exchange rate, particularly in the black market, also known as the parallel market, here’s the current situation….READ ALSO Latest Black Market Dollar To Naira Exchange Rates: February 9, 2024

On Tuesday, 13th February 2024, sources at Bureau De Change (BDC) reported the following black market rates:

• Buying Rate: N1525
• Selling Rate: N1532

It’s important to note that while these rates provide a snapshot of the market, they may vary depending on various factors. Additionally, the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals to conduct foreign exchange transactions through authorized banks.

In contrast, the official CBN rates for the dollar to naira exchange on the same day were as follows:

• Buying Rate: 1533
• Selling Rate: 1534

Meanwhile, in the official Nigerian Autonomous Foreign Exchange Market, the Naira hit a record low of N1,534/$ on Monday, reflecting a significant decline in value compared to the previous week. This marks the lowest official exchange rate since the CBN’s decision to float the national currency in June 2023, resulting in volatile fluctuations in its value against the dollar.

Despite this, the Naira showed slightly better performance in the parallel market, trading between N1,480 and N1,490 on the same day.

As the forex market continues to evolve, individuals are advised to stay informed and exercise caution when engaging in currency exchange transactions.