Dollar to Naira Black Market Rate February 16, 2024: What You Need to Know

Black Market

The black market, also known as the parallel market, exists outside the official system controlled by the Central Bank of Nigeria (CBN).

Here, people trade foreign currencies like the US Dollar at rates different from the official one.

Why Use the Black Market?

There are several reasons why someone might use the black market:

  • Limited access to official market: Sometimes, there might not be enough dollars available through official channels.
  • Restrictions on buying dollars: The government may limit how much or for what purpose you can buy dollars officially.
  • Seeking better rates: The black market rate might be more favorable than the official rate, especially when the naira is weak.

Important to Remember:

  • Trading in the black market is illegal in Nigeria.
  • It’s risky: There’s no guarantee of fair rates or the authenticity of the currency.
  • Scams are common: Dishonest dealers might try to take advantage of you.

Today’s Black Market Rate:

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As of February 16, 2024:

  • Buying rate: ₦1,585.00 per US dollar
  • Selling rate: ₦1,595.00 per US dollar

This means that buying a dollar on the black market today costs more than the official rate (₦1,459.67), making the naira weaker in the black market.

Key Points:

  • The black market offers unofficial and risky currency exchange.
  • Use it cautiously and only as a last resort.
  • The official rate is safer and more reliable.

Disclaimer:

This information is for educational purposes only and should not be considered financial advice. Always research and understand the risks before engaging in any currency exchange.

Additional Information:

  • Official sources for exchange rates: You can find the official CBN exchange rate here: https://www.cbn.gov.ng/rates/exchratebycurrency.asp
  • Alternatives to the black market: Consider legal money transfer services or authorized dealers for safer currency exchange.

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