Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 9th March 2024

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 9th March 2024

The black market exchange rate for the dollar to the naira on 8th March 2024 saw players buying a dollar for N1610 and selling at N1618, according to sources at Bureau De Change (BDC)……READ ALSO Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today – 8th March 2024

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has directed individuals interested in forex transactions to approach their respective banks.

Here are the details:

• Dollar to Naira Black Market Rate Today:
  • Buying Rate: N1610
  • Selling Rate: N1618
• Dollar to Naira CBN Rate Today:
  • Buying Rate: N1593
  • Selling Rate: N1594

Please be aware that the rates mentioned above may vary from the actual rates due to fluctuations in the market.

In other news, the Major Energies Marketers Association of Nigeria (MEMAN) expressed concerns about potential challenges in petroleum product distribution and supply chain due to complexities in the foreign exchange market. MEMAN’s Executive Secretary, Clement Isong, highlighted the difficulties in importing Premium Motor Spirit (PMS) or petrol due to uncertainties in the forex market. He stressed that these challenges affect the determination of appropriate pump prices and impact investments in the industry value chain, particularly due to the dollarization of certain fees.