This makes it -0.04% decline for United States Dollar against Naira this week. For this reason, the black market rate will 420/442 440/472 508/532 Now, Nigerians who recieve foreign transfers such as Western Union or Moneygram can withdraw it in dollars and then sell at the black market rate or wherever they want to. Dollar to Naira Rate Black Market DecemDecemOnline Currency Convertor Services Our currency calculator gives you real time figures based on the our online rate of the day.
Dollar to Naira Rate Black Market September 24 2020. Shocking right, not only cocaine, 94% of 68 dollar bills that were tested had bacteria on them. You should conduct your own research when making a decision.Date US Dollar Nigerian Naira Sunday, 3000 USD = 1141500.00 NGN Saturday, 3000 USD = 1141500.00 NGN Friday, 3000 USD = … 1000 dollars to Naira This isn’t like pounds to The Nigerian currency depreciated to its weakest level since February 2017 in the unofficial black market after the country’s central bank cut supply to dealers. Every investment and trading move involves risk. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch.
The group assured members of the public of its commitment to conduct retail forex transactions as defined and regulated by the apex bank. The ABCON Executive Council said ABCON has continued to ensure that BDCs file their reports as and at when due, conduct Know Your Customer (KYC) and due diligence reports as required by the apex bank.ĪBCON explained that while BDCs are licensed to offer retail across the counter of foreign exchange transactions, they play critical roles in the economy and have contributed to the economic development of the country like ensuring order and confidence in the forex market, providing data for monetary policy, channels for CBN Intervention in Retail forex market and creation of over 15,000 jobs among others. Gwadabe said the licenced BDCs, being regulatory-complaint and operating within international best practices, cannot sell the dollar to end-users above the N2 per dollar margin set by the CBN to protect the naira against foreign exchange speculators and ensure exchange rate stability. He said only CBN-licenced BDCs operate within regulatory guidelines and therefore should be patronised.
The naira, which exchanged at N502/$ at the parallel market remains at N410.25/$ at the official market following last week’ devaluation of the local currency by the CBN.Īccording to Gwadabe, forex speculators capitalise on the state of the foreign exchange market and the naira to sell dollars above CBN approved margin.Īccording to him, parallel market activities have for years become major drivers of the exchange rates and control over such transactions have become burdensome.