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Several commercial banks sent mails to their customers informing them that they now have dollars to sell at a cheap exchange rate.
Until recently, it was possible for registered and licensed Bureau de Change operators in Nigeria to buy dollars at the official rate from the Central Bank of Nigeria and sell at parallel exchange Tarif.
We, however, warn those involved to desist or risk arrest as a major offensive against the speculators is underway.â€
The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured rein this article.
Please Beryllium aware that the parallel market, also referred to as the “black market,†is not recognised by the Nigerian Central Bank (CBN). Instead, the government advises people to use their own banks if they want to trade foreign exchange.
Below are several reasons why we have dollar shortage hinein Nigeria, most of these reasons are interconnected. Read them carefully.
Dollar to Naira Black Market rate – Here is the current USD to Naira rate today. Tümpel CBN & black market exchange Satz for dollar to naira aboki fx. You change your USD to naira at these Satz or convert dollar to naira at the latest black market Satz or parallel market.
Lack of foreign investments rein the country has reduced the amount of the United States dollars coming into the country. When investors go into any country to invest, they are possibly going with dollars because it is the global currency, this click here increases the availability of dollars rein that country.
The commercial banks mainly sell dollars to individuals for the following purposes; payment of foreign medical bill, payment of school fees overseas, business travel allowance, and Persönlich travel allowance.
The company must submit a copy of their business plan or feasibility study which will include objectives and mission of the proposed BDC, the proposed BDC’s offered need gap rein services and other relevant documents.
However, your bank may decide to make use of the funds in your savings or current account with them to buy dollars and open your dollar account without you having to source for the dollars yourself.
Foreign investors calculate their values and business worth in dollars, this is why many of them are careful due to the depreciation of the Naira, the continue decrease hinein Naira poses a big risk to investors.
The major reason that the CBN stopped the selling of dollars to the Bureau de Change operators was because of their quests for abnormal profits which made them sell dollars at very high rates at the expense of the stability of the naira.