HomeBusinessMoney TalksDollar to Naira Today Black Market Rate: February 11, 2024

Dollar to Naira Today Black Market Rate: February 11, 2024

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Dollar to Naira Today Black Market Rate

The Central Bank of Nigeria (CBN) has told people who want to buy or sell foreign currency to talk to their banks first because it does not recognise the parallel market (black market).

The black market (parallel) exchange rate is always different from the CBN rate. The rate of exchange between the US dollar and the Nigerian naira has a big effect on the Nigerian economy.

Inflation overtakes the economy as the value of the naira declines, which typically has an effect on the populace. The Central Bank has called for Nigerians to work towards this objective, such as expanding exports, and has stated that the country’s economy needs a substantial turnaround.

The black market rate for dollars is frequently higher than that of 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 available on the black or parallel market.

Get Dollar to Naira Today Black Market Rate for February 11, 2024

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1473
Selling RateN1474

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1478
Selling RateN1488

Euro to Naira Black Market

Here is today’s Euro to Naira black market rate: this is the rate Aboki/Bureau de Change (BDC) is selling and buying the European currency (Euro) currently in Abuja, Kano, and Lagos. There might be slight variation at different parallel (unofficial) markets.

Euro to Naira (EUR to NGN)Exchange Rate Today
Buying RateN1540
Selling RateN1580

Pounds to Naira Black Market

Here is today’s Pounds to Naira black market rate: this is the rate Aboki/Bureau de Change (BDC) is selling and buying the Great British Pounds currency (Pounds) currently in Abuja, Kano, and Lagos. There might be slight variation at different parallel (unofficial) markets.

Pounds to Naira (GBP to NGN)Exchange Rate Today
Buying RateN1850
Selling RateN1890

CAD to Naira Black Market

Here is today’s CAD to Naira black market rate: this is the rate Aboki/Bureau de Change (BDC) is selling and buying the Canadian dollar currency (Euro) currently in Abuja, Kano, and Lagos. There might be slight variation at different parallel (unofficial) markets.

CAD to Naira (CAD to NGN)Exchange Rate Today
Buying Rate900
Selling Rate870

Factors that could Influence Foreign Exchange Rates in Nigeria
• Conditions of Trade
• Speculators
• Government Debt
• Interest Rates
• Inflation Rates

Bureau de Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account told Nairametrics that they have not been able to withdraw their funds from the bank due to tightened liquidity.

Facts about USD paper money:
• The first USD paper currency was printed in 1862 to solve the problem associated with a shortage of coins.
• There are about $1.54 trillion in circulation. All over the world, there are about $1.54 trillion in USD currency in circulation. It is on record that over 97% of this is federal reserve.
• Millions of dollars are printed daily. It is on record that over 38 million notes are being printed on a daily basis, and the worth of this is pegged at 541 million dollars.
• Do you know that over 70% of newly printed notes are used to replace worn-out and damaged notes?
• $1 $5 $10 as expected are the mostly used notes often used frequently, this makes them not to last longer

Facts about USD coin money:

  • Because coins are massively produced with cheap materials such as zinc and copper instead of gold and silver, their intrinsic value is lower.
  • 1792 saw the first coin being minted
  • As expected, coins last longer and have a lifespan of 25 years. This information comes from the US Mint.
  • It seems Americans don’t like to hold on to their coins for long. It is estimated that over $62 million in coins are thrown away by Americans every year.
  • More copper is being used to produce the coins as opposed to copper.

Should there be a black market?

Most Nigerians have argued that the existence of the black market has caused more harm than good, which has led the government to suspend the sale of dollars to the Bureau De Change (BDC).

But one thing we must understand is that the black market has been in existence for a long time and has played a significant role in sourcing and selling dollars to ordinary Nigerians. Without them, it will be hard to get dollars from the bank.

To fix the problem, the government should make sure that they are properly regulated, that those who don’t follow the rules are taken off the market, and that, if possible, large amounts of money don’t move outside of the banking system. The government must also ensure that refineries are established, set up, or, better yet, privatised, as this will go a long way towards stopping the importation of petroleum products into the country, which has bled the economy for so long. Most of the help for farming should go to the north, and most importantly, farmers need to feel safe enough to go back to their farms.

Disclaimer: Daily News 24 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 at which you buy or sell forex may be different from what is captured in this article.

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