ENUGU, Nigeria (VOICE OF NAIJA)- The buying rate at the black market exchange rate is N1,478.00 per US dollar, while the selling rate is N1,488.00 per US dollar, as of February 12th, 2024.
In essence, to buy 1 US dollar in the black market requires paying N1,488.00, whereas selling 1 US dollar gives you N1,478.00.
However, these rates may experience slight variations depending on location and the dealer.
Comparing this to the official exchange rate, as of the same date, which is N1,459.67 per US dollar, indicates a notable difference.
The official rate, utilized by the Central Bank of Nigeria (CBN) for its transactions and interventions in the foreign exchange market, also serves as the foundation for determining exchange rates of other foreign currencies like the euro, pound sterling, and Chinese yuan.