Dollar to Naira Today: Check the Black Market and CBN Exchange Rates on June 8th, 2023
- Introduction
- Dollar to Naira Rates Fluctuation on June 8th, 2023
- Black Market Rates on June 8th, 2023
- Unveiling the Black Market Naira to Dollar Exchange Rate
- CBN – Dollar to Naira Exchange Rates on June 8th, 2023
- Frequently Asked Questions (FAQ)
This article provides insights into the dollar to Naira exchange rates on June 8th, 2023. It covers both the black market rates and the official rates provided by the Central Bank of Nigeria (CBN).
Dollar to Naira Rates Fluctuation on June 8th, 2023
The Nigerian Naira maintained its steadfast position on June 8th, 2023, with a trading rate of N464.67 per dollar within the Investors and Exporters’ window. This rate remained stable compared to the previous day, Monday. The open indicative rate at the end of the trading day stood at N464.96 per dollar.
Throughout the trading session, the Naira experienced fluctuations, reaching a peak of N467 to the dollar before settling at N464.67. The lowest recorded trade for the day was N460 to the dollar. Notably, there was significant activity within the Investors and Exporters’ window, with a total of $186.02 million exchanged.
Black Market Rates on June 8th, 2023
For those interested in understanding the Naira to dollar exchange rate in the black market on June 7th, 2023, ThisNigeria provides insightful figures sourced from the FMDQ Security Exchange, the official forex trading platform. On Tuesday, June 6th, 2023, the Naira opened at ₦464.96 per dollar and closed at ₦464.67 per dollar on the same day.
Unveiling the Black Market Naira to Dollar Exchange Rate
Many individuals are curious about the exchange rate of the Naira to dollar in the black market. The dollar to Naira rate in the Lagos Parallel Market (commonly known as the Black Market) offers a comprehensive view. According to information from Bureau De Change (BDC) sources, traders were buying a dollar for N755 and selling it for N765.
However, it’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN advises individuals interested in forex transactions to approach their respective banks.
The Black Market Buy/Selling Rate – June 8th, 2023
Let’s explore the current black market exchange rate from Dollar to Naira (USD to NGN) for June 8th, 2023:
| Rate Type | Rate |
|---|---|
| Buying Rate | N755 |
| Selling Rate | N765 |
Please keep in mind that the rates at which you purchase or sell forex may differ from the ones mentioned in this article due to market volatility.
CBN – Dollar to Naira Exchange Rates on June 8th, 2023
According to our records, the CBN’s official benchmark for the dollar to Naira exchange rate on June 8th, 2023, was N461.18 for $1.
| Rate Type | Rate |
|---|---|
| Buying Rate | N461.18 |
| Selling Rate | N762.18 |
6. Frequently Asked Questions (FAQ)
Q: Where can I find the most accurate dollar to Naira exchange rates?
A: To obtain the most accurate and up-to-date dollar to Naira exchange rates, it is advisable to consult authorized financial institutions, such as banks or official forex trading platforms.
Q: Why does the black market exist if the CBN does not recognize it?
A: The black market exists due to various factors, including limited access to official channels for foreign exchange transactions and the demand for foreign currencies that exceeds the available supply. However, engaging in transactions through the black market may involve certain risks, such as potential fraudulent activities or unfavorable rates.
