In the rapidly evolving landscape of Nigeria’s foreign exchange market, the naira’s exchange rate against the US dollar continues to be a focal point for both market participants and observers. According to reports from black market foreign exchange operators on March 2, 2024, the naira opened at an average exchange rate of N1,600 to $1 on the parallel market....CONTINUE READING
These operators noted that they purchase foreign exchange from customers at an average rate of N1,585 per $1, while selling it at N1,600 per $1. It was also mentioned that transaction rates could vary based on whether the exchange involves cash or transfers, with physical cash transactions potentially fetching higher rates.
The naira commenced trading at ₦1,600.00 to $1 on the parallel market in Lagos, Nigeria, on March 2, 2024, marking a slight increase from the previous close of ₦1,585.00 to $1.
It’s important to note that forex rates might differ from those mentioned here due to market volatility.
As of March 3, 2024, the Central Bank of Nigeria (CBN) lists the official exchange rate at ₦1,582 per US dollar.
The CBN has reiterated its stance on not recognizing the parallel market, urging individuals needing forex to approach their banks, emphasizing the I&E window as the official forex market.
Several factors impact the dollar to naira exchange rate, including:
The US dollar was established as the official currency in 1792. Significant milestones include the replacement of Spanish coins in 1854 and the end of the gold standard in 1933. Today, it’s a dominant currency in international transactions.
The United States Mint, part of the Department of the Treasury, is responsible for producing the country’s paper currency and coins, with designs approved by the president.
Disclaimer:
It’s important to remember that forex rates are subject to change due to market conditions, and the rates presented here may vary from actual trading rates.
