Dollar To Naira Exchange Rate Today 11th February 2023(Black Market)

Black Market Dollar To Naira Exchange Rate Today 11th February 2023 has emerged.

News Rain Nigeria understands that the Nigerian citizenry prefers to exchange foreign currency, particularly the dollar to Naira, on the black market since the conversion rate is much higher than what the bank offers at the CBN official dollar-to-naira exchange window.

How Much is Dollar to Naira and the official Exchange Rate today, 11th February 2023?

Keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.

The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.

How much is the Dollar to Naira Exchange rate at the black market and aboki fx today, 11th February 2023? See today’s Dollar to Naira exchange rate. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate.

Black Market Dollar To Naira Exchange Rate Today 11th February 2023

Disclaimer: NEWS RAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.