The naira has faced significant challenges, including low oil prices, high inflation, and foreign exchange shortages, impacting its value against the dollar.
In this update, we‘ll explore the current official and black market exchange rates for the dollar to naira as of February 22, 2024, and address common questions regarding these rates.
Official Exchange Rate: The Central Bank of Nigeria (CBN) sets the official exchange rate, actively intervening in the foreign exchange market to ensure stability and liquidity. As per the CBN’s latest data, the official exchange rate stands at ₦1605.32 to buy a dollar and ₦1606.32 to sell a dollar.
Black Market Exchange Rate: The parallel or black market operates outside of CBN regulation, where individuals and businesses trade dollars at rates determined by demand and supply dynamics. Typically, the black market rate is higher than the official rate due to the high demand for dollars amidst shortages.
To get the most accurate and up-to-date black market exchange rate, individuals usually refer to local currency traders or financial news platforms specializing in foreign exchange updates. It’s important to note that trading in the black market might involve risks and legal considerations.
