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Unraveling the Naira-Dollar Exchange on Nigeria’s Parallel Market: Insights from June 8th, 2023
Delve into the daily fluctuations of the Naira-Dollar exchange rate in Nigeria’s bustling parallel market, otherwise known as the black market. We’ll be rewinding to the recent past to analyze the financial activities of June 8th, 2023.
Naira-Dollar Exchange Rate on the Black Market: A Look at June 8th, 2023
Data from the FMDQ Security Exchange, the official forex trading platform, offers insights into the Naira-Dollar exchange rate for the period in focus. The Naira commenced trading at ₦464.96 per dollar on Tuesday, June 6, 2023, and wrapped up at ₦464.67 per $1 as the trading bell rang on Wednesday, June 7, 2023.
What’s the Naira-Dollar Exchange Rate in the Black Market Today?
Today’s exchange rate, as coined by the Lagos Parallel Market (or Black Market) insiders, paints a different picture. In this market, the Naira was trading at a buying rate of N755 and selling at N765 against the dollar as of Wednesday, June 7, 2023. This data is according to the sources at the Bureau De Change (BDC).
The Central Bank of Nigeria (CBN) however, is quick to disassociate itself from the parallel market (black market), directing individuals seeking forex dealings to their respective banks instead.
Today’s Naira-Dollar Rate in the Black Market
Here’s a closer look at the Naira-Dollar rates in the black market:
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Bear in mind, the rates at which you buy or sell forex may deviate from what’s captured here due to the ever-changing market dynamics.
CBN- Dollar to Naira Exchange Rates – 8th June, 2023
As per our records, the CBN’s official benchmark for the dollar-naira exchange rate was N461.28 for $1 on June 8th, 2023.
- Buying Rate: N461.28
- Selling Rate: N762.28
While the data mentioned in this piece was up-to-date as of June 8th, the unpredictable ebb and flow of the black market often leads to broad swings in exchange rates, primarily driven by supply and demand factors. Therefore, it’s essential to keep abreast of the most current rates or consult with a financial expert prior to engaging in any foreign currency exchange activities.
Naira-Dollar Exchange: The CBN Rate
Keep in mind, however, that the Central Bank of Nigeria provides official exchange rates that serve as a reference for legal forex transactions. Thus, it’s always prudent to compare the black market rates with the CBN’s rates to make an informed decision.
In essence, the parallel market offers a different trajectory in the Naira-Dollar dynamics in Nigeria, with the rates on June 7th, 2023 standing at N755 (buying) and N765 (selling). But it’s important to note that these figures are not recognized by the Central Bank of Nigeria, so tread cautiously as you navigate the complex world of currency exchange.