Black Market Dollar To Naira Exchange Rate Today 17th January 2024
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The black market is often used by individuals and businesses who cannot access the official market due to scarcity, restrictions, or regulations.
How much is a dollar to naira today in the black market?
The black market dollar to naira exchange rate today, 17th January 2024, is as follows:
- Buying rate: ₦1,290.00 per US dollar
- Selling rate: ₦1,305.00 per US dollar
This means that if you want to buy 1 US dollar in the black market today, you will need to pay 1,305.00 naira, and if you want to sell 1 US dollar, you will receive 1,290.00 naira.
How does the black market dollar-to-naira exchange rate compare to the official rate?
The official exchange rate of the US dollar to the Nigerian naira, as of today, 17th January 2024, is ₦853.27 per US dollar.
This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.
The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets, and reflects the level of confidence in the naira and the CBN’s policies.
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