Black Market Naira to Dollar Exchange Rate Today 13th March 2024 can be accessed below..
Stay updated on the latest black market exchange rates between the Nigerian Naira and the US Dollar. Find out the current buying and selling rates for today, 13th March 2024, and understand how it compares to the official exchange rate.
13th March 2024, Nigeria: The black market exchange rates for the Nigerian Naira against the US Dollar on 13th March 2024 are as follows:
- Buying Rate: ₦1,600.00 per US dollar
- Selling Rate: ₦1,603.00 per US dollar
The black market, also known as the parallel market, operates unofficially where foreign currencies are traded at rates independent of the Central Bank of Nigeria’s (CBN) official exchange rate.
This market serves individuals and businesses encountering difficulty accessing the official market due to various factors like scarcity, restrictions, or regulatory hurdles.
The black market’s exchange rate fluctuates daily, responding to factors such as currency supply and demand dynamics, inflation rates, political stability, and economic policies.
As of today, the black market exchange rate indicates a weaker position of the Naira against the US Dollar, with the buying rate at ₦1,600.00 per dollar and the selling rate at ₦1,603.00 per dollar.
Please note that these rates might slightly differ based on location and dealer preferences.
Comparison with Official Rate:
Today’s official exchange rate, as set by the CBN, stands at ₦1,492.67 per US dollar. This official rate serves as the benchmark for various financial transactions and interventions by the Central Bank.
The difference between the black market rate and the official rate, termed as the parallel market premium, highlights the divergence between official and unofficial markets. This premium reflects market sentiments towards the Naira and confidence in CBN’s monetary policies.
