Dollar To Naira Black Market Rate For Wednesday, 8th March 2023
Dollar To Naira Black Market Rate For Wednesday, 8th March 2023
Dollar To Naira Black Market Rate For Wednesday, 8th March 2023
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USD Dollar Black Market Rate 8 March 2023 Today – N748
See the black market exchange rate for the dollar and the naira as of today, Tuesday, March 8 2023. Visit Aboki forex to view the current Dollar to Naira exchange rate. You can exchange your dollars for naira at these rates or at the most recent rate on the parallel or black market.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks. The parallel exchange rate (black market rate) always differs from the CBN rate.
WHAT IS EXCHANGE RATE?
To put it simply, an exchange rate is the cost at which one currency can be traded for another. Floating exchange rates are those that fluctuate with market demand and supply. Some currency conversion rates are set at predetermined levels relative to the value of a certain domestic currency. Dollar is valued at the current exchange rate of the Naira. Since the US dollar is the most widely accepted foreign currency around the world, including in Nigeria, the term “exchange rate” most often refers to the cost of one US dollar. The value of the US dollar determines the value of all other currencies. This includes the value of the British pound.
CONCLUSION: This is a volatile market and the results could change in a matter of hours. As they change be sure to know that we will update it to the current price. A lot of factors could be the reasons for these fluctuations. At best you should compare the prices displayed here with other authentic sources such as ours.
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