How much is Dollar to Naira today in Black market: Naira vs Dollar: Black Market Exchange Rate for June 8th, 2024 (USD to NGN).
Nigerian Naira Exchange Rate Update: June 8th, 2024 (In-depth Analysis)
This comprehensive guide provides a detailed breakdown of the Nigerian Naira exchange rate against the US Dollar on June 8th, 2024, incorporating insights from both the official and black markets.
Current Exchange Rates (as of June 8th, 2024):
- Black Market:
- Buying Rate: ₦1,492 per US Dollar
- Selling Rate: ₦1,495 per US Dollar
- Central Bank of Nigeria (CBN) Official Rate:
- Buying Rate: ₦1,483 per US Dollar
- Selling Rate: ₦1,484 per US Dollar
Comparison to Yesterday’s Rates:
The Naira exhibited slight fluctuations in both the official and parallel markets:
- Official Market: The Naira closed slightly lower at ₦1,483.99/$1 compared to ₦1,488.60/$1 the previous day.
- Black Market: The parallel market maintained a steady range for the second consecutive day.
Key Takeaways:
- The Naira currently trades higher in the black market compared to the official rate.
- The official market experienced minor fluctuations throughout the week.
- The black market remained stable within a narrow range for two days.
- Foreign exchange turnover significantly increased, indicating heightened market activity.
Factors Affecting the Naira‘s Exchange Rate:
- CBN Interventions: The Central Bank of Nigeria’s efforts to control liquidity and restrict Bureau de Change (BDC) activities continue to impact the Naira’s value.
- Demand for US Dollars: Increased demand for US dollars can put pressure on the Naira, leading to depreciation.
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Additional Information:
- Black Market vs. Official Market: The black market operates outside regulations, often offering slightly higher exchange rates but with greater risks. It’s advisable to use licensed money changers for secure transactions.
- Impact of Global Events: Global economic developments can influence the Naira’s exchange rate. Staying informed about international financial news can be beneficial.
Conversions:
This guide includes a conversion table for various USD amounts to their corresponding Naira equivalents in both the black market buying and selling rates.
Disclaimer:
Exchange rates are constantly fluctuating. This information reflects the market situation on June 8th, 2024, and may not be valid in the future.
