What is the Naira to Dollar exchange rate for today, October 22, 2024 The Eagle hereby reports that the US dollar (USD) to Nigerian Naira (NGN) exchange rate for today in the parallel market was N1,725 for 1 USD.
.The parallel market is also known as the black market, with Bureau De Change (BDC) operators dominant here.
The black market rate is different from the official exchange rate of the Naira which is provided by the Central Bank of Nigeria (CBN).
However, the black market rates is usually higher than the official rate, and it is one market which is highly influenced by demand and supply.
In the US dollar to Nigerian Naira exchange rate today, buying is N1,715 to a US dollar, and selling is N1,725 to a Dollar.
As much as there are clients who prefer the black market window, the official exchange rate is is however preferred by others,
Today, the US Dollar to Nigeria Naira official rate N1,652
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The Eagle reports that whereas the official rate is fixed by apex regulatory agency, the black market rate however is determined by dynamics in the economy.
Many people believe that it is the accurate exchange rate, being derived by activities in the sector rather than fixed by fiat, as is the case with the official rate.
The exchange rate is important not only for both economists, all category of entrepreneurs and other public sector and private sector operators.
Cami Ezenwa is a Writer, Editor, Publicist, Biographer and Journalism Trainer
He has worked with the Daily Times, Daily Independent, Financial Standard and Business Television to mention some.
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