Business

Dollar To Naira Rate Today February 16, 2024

Published

5 months ago

February 16, 2024

Tolu Oke

What is the black market Dollar to Naira rate today February 16, 2024?

Parallel market operators in Lagos and Abuja are trading Dollar to Naira at N1600/$ today, February 16, 2024.

In the Peer2Peer trading session, currency traders are exchanging dollars at N1610/$1 in the morning session.

Currency dealers claim that the naira depreciated as a result of speculators’ strong demand for dollars as well as travelers’ needs for business, vacation, education, and health.

The naira however gained by 0.3 percent to N1498/$ in the official market on Thursday, according to data from FMDQ Securities Exchange, which calculates the rate. The currency gained after the Central Bank of Nigeria (CBN) sold a little above $100 million to banks that did not get dollars in Tuesday’s sale of about $86 million.