Are you searching for the current black market exchange rate for Dollar to Naira or Naira Black Market rate today 20th of March 2024, this is the best rate you can get today, Nairapedia.com has made it easy for you.
The current black market exchange rate for 100 dollars to naira on 19th March 2024. Buying rate: ₦159,000, Selling rate: ₦161,500.
On the 19th of March 2024, the black market exchange rate for 100 dollars to naira is as follows:
- Buying rate: ₦159,000
- Selling rate: ₦161,500
This implies that if you wish to purchase 100 US dollars in the black market today, you will need to pay 161,500 naira. Conversely, exchanging 100 dollars in the parallel market will yield you 159,000 naira.
It is essential to understand that the rates at the black market are influenced by several factors, including but not limited to prevailing demand and supply, economic conditions, and political developments impacting the foreign exchange market.
In contrast, the official exchange rate set by the Central Bank of Nigeria (CBN) values 100 dollars at ₦88,689. This official rate is primarily used for CBN interventions and official transactions.
Detailed Analysis:
The black market exchange rate is typically higher than the official rate due to various reasons, including:
1. Supply and Demand: The demand for foreign currency, particularly the US dollar, often exceeds the available supply in the black market, leading to higher exchange rates.
2. Economic Factors: Economic conditions, such as inflation, interest rates, and the overall economic performance of the country, can influence the black market exchange rate.
3. Political Factors: Political stability or instability can impact the black market exchange rate, as uncertainty in the political landscape can lead to fluctuations in the currency market.
4. Speculation: Traders and individuals in the black market may engage in speculative activities, anticipating future changes in exchange rates, which can also affect the current rate.
Conclusion:
Given the dynamic nature of the black market exchange rates, it is advisable to stay informed about the latest rates if you are involved in foreign exchange transactions. Keeping abreast of market developments can help you make informed decisions regarding your currency exchange needs.