Today, on the 18th of February 2024, the spotlight falls on the dynamic exchange between the US dollar and the Nigerian naira, particularly in the informal market commonly known as the black market. This underground economy, often referred to as the parallel market or Aboki fx, plays a significant role in determining currency valuations.
Curious about the current dollar to naira rate today? Let’s delve into the figures. Yesterday, on the 17th of February, the black market exhibited a trading scenario where players engaged in buying a dollar for N1640 and selling it at N1655. These figures, sourced from Bureau De Change (BDC), shed light on the prevailing exchange dynamics.
However, it’s important to acknowledge the stance of the Central Bank of Nigeria (CBN), which does not formally recognize the parallel market. Instead, it advocates for individuals seeking foreign exchange transactions to utilize official banking channels.
Taking a closer look at the numbers:
Black Market Exchange Rate Today:
- Buying Rate: N1640
- Selling Rate: N1655
Contrastingly, the CBN presents its own rates:
CBN Rate Today:
- Buying Rate: 1492
- Selling Rate: 1493
It’s crucial to note that these rates are subject to variation, as the forex market is inherently volatile.
In parallel developments, Nigerian commercial banks are actively encouraging their customers to convert their dollar deposits into naira. Through various platforms and communication channels, banks are facilitating this transition. Some banks, for instance, offer the convenience of converting USD to naira directly through their Internet banking platforms, presenting competitive rates.
One such bank pegs the exchange rate at N1,450 per dollar, with a daily transaction limit of $50,000. While this rate is lower than what’s observed in the black market, it underscores the banks’ efforts to streamline currency conversions and provide accessible options for their customers.
Source: The Informant247