Breaking News: Black Market Dollar Rate Revealed For February 10th

Breaking News: Black Market Dollar Rate Revealed For February 10th

As the clamor for reliable currency exchange rates continues, the black market presents a snapshot of the Dollar to Naira exchange rate, revealing a delicate dance of economic fluctuations…..READ ALSO Latest Black Market Dollar To Naira Exchange Rates: February 9, 2024

According to reports, the exchange rate for a dollar to Naira at Lagos Parallel Market (Black Market) stood at N1485 for buying and N1490 for selling on Friday, February 9th, 2024. These figures, sourced from Bureau De Change (BDC) outlets, shed light on the ongoing dynamics within the currency exchange landscape.

However, it’s crucial to note that the Central Bank of Nigeria (CBN) maintains its stance against the parallel market, emphasizing the importance of official banking channels for forex transactions.

While the black market offers insights into informal currency trading, recent developments in the forex market paint a broader picture of economic activity. The Nigerian Autonomous Foreign Exchange Market (NAFEM) witnessed a notable decline in forex transactions, signaling a 56 percent drop in total value from Tuesday to Wednesday, as reported by the FMDQ Exchange.

Despite efforts by the CBN to bolster market liquidity and stabilize exchange rates, the naira experienced a 1.4 percent depreciation against the dollar at the parallel market on Thursday. This decline, coupled with robust demand for the US currency, underscores the challenges faced in maintaining currency stability amidst fluctuating market conditions.

In the face of these uncertainties, individuals navigating the forex landscape are reminded that exchange rates may vary, highlighting the importance of staying informed and vigilant in currency transactions.