Latest Update on Dollar to Naira Exchange Rate – February 22, 2024

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Naira-Dollar Exhange Rate
Naira-Dollar Exhange Rate
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(Last Updated On: )

AP News current findings on Naira black market exchange rate in Nigeria covering rates from the Black Market, Bureau De Change (BDC), and the Central Bank of Nigeria (CBN) keep fluctuating. Understanding that these rates are highly susceptible to hourly fluctuations driven by the ever-changing dynamics of supply and demand for dollars in the market is crucial.

Currently, the exchange rate stands at ₦1,910 for purchasing and ₦1,915 for selling 1 dollar. However, it’s essential to note that these rates are not static and may experience upward or downward fluctuations within a short time.

Here’s a breakdown of the black market Dollar-to-naira exchange rate for February 22:

Lagos Parallel Market (Black Market):
– Buy: ₦1,705
– Sell: ₦1,710

It’s crucial to emphasize that the Central Bank of Nigeria (CBN) does not formally recognize the parallel market (black market). The CBN advises individuals interested in foreign exchange transactions to conduct their dealings through authorized banks.

Current Dollar to Naira Black Market Rates:

– Buying Rate: ₦1,910
– Selling Rate: ₦1,915

Current Dollar to Naira CBN Rates:

– Buying Rate: ₦1,605
– Selling Rate: ₦1,607

It’s important to be aware that the rates for purchasing or selling forex may deviate from those stated in this report due to the volatile nature of the market.

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