Black Market Dollar To Naira Exchange Rate Today March 23, 2024 Update

Black Market Dollar To Naira Exchange Rate Today March 23, 2024 Update

Fresh data on the black market exchange rate between the dollar and naira unveils a buoyant outlook for Nigeria’s currency. The latest figures, as of March 23, 2024, reveal a buying rate of N1460 and a selling rate of N1480 per dollar at the Lagos Parallel Market…….READ ALSO Current Black Market Dollar To Naira (NGN) Exchange Rate – 18th March 2024

This surge comes amidst ongoing endeavors to stabilize the foreign exchange market and fortify the naira’s value. The Central Bank of Nigeria (CBN) continues to emphasize the importance of adhering to official channels for forex transactions, urging individuals to engage their respective banks for foreign exchange needs.

Beyond the black market dynamics, it’s essential to heed the CBN’s official rates, which presently peg a buying rate of N1447 and a selling rate of N1448 for the dollar to naira exchange.

The recent appreciation of the naira to N1,382 against the dollar in the official market signifies an encouraging trend, marking a notable N18 increase. This upswing is attributed to heightened dollar supply in the Nigerian Autonomous Foreign Exchange Market (NAFEM), instilling confidence in the local currency.

The naira’s strengthening follows stern warnings from the Presidency against currency speculation, underscoring the repercussions of undermining the national currency.

In sum, these developments signal promising prospects for Nigeria’s economy, with the resilience of the naira reflecting positive sentiments and concerted efforts to safeguard financial stability