The parallel market (black market) maintained its grip on the dollar to naira exchange rate, with traders purchasing the greenback for N1245 and selling it at N1250 on Saturday, April 6th, 2024.
This stability in the black market rate persisted despite the Central Bank of Nigeria’s (CBN) firm stance against recognizing such informal currency exchanges.
Sources within the Bureau De Change (BDC) revealed that the demand for foreign currency remained robust, prompting individuals to turn to the parallel market for their forex needs. Despite the CBN’s directives urging citizens to utilize official banking channels for foreign exchange transactions, the allure of the black market’s competitive rates continued to draw patrons.
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The CBN’s official exchange rate for the dollar to naira stood at a buying rate of N1250 and a selling rate of N1251, indicating a marginal deviation from the rates observed in the parallel market. Nevertheless, the parallel market’s resilience underscores the ongoing challenges faced by authorities in curbing illicit currency trading activities.
As the debate over the efficacy of the CBN’s policies rages on, the black market remains a significant player in Nigeria’s foreign exchange landscape, catering to the diverse needs of individuals and businesses seeking alternative avenues for currency exchange.
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