Marketing Integration in Black Market Exchange Rates - 18th December 2023

Marketing Integration in Black Market Exchange Rates - 18th December 2023

In the realm of FINANCE and INSURANCE, observing the financial landscape is crucial. As of December 12, 2023, the current exchange rate in Abuja Zone 4 market, Nigeria, for USD to Naira indicates a purchase rate of ₦1209 and a sale rate of ₦1198. This marks a slight uptick compared to the previous day’s rate of ₦1200.

Additionally, the Euro/Naira, the second most traded currency in the black market, is trading at ₦1280 for buying and ₦1265 for selling. Simultaneously, the Pound to Naira exchange rate stands at ₦1518 for buying and ₦1493 for selling.

Over the past week, the Dollar to Naira rates have experienced fluctuations as detailed below:

DateBuySell
December 11, 202312001195
December 10, 202311941185
December 9, 202311901180
December 8, 202311851175
December 7, 202311781173
December 6, 202311851175
December 5, 202311851173

Upon consulting reports from local forex dealers in Lagos and Abuja, the Dollar to Naira exchange rate remains consistent at ₦1209 for buying and ₦1198 for selling.

In the black market, the current Dollar to Naira rate is as follows:

  • Buying Rate: ₦1209
  • Selling Rate: ₦1198

These rates represent the ongoing transactions by Aboki/Bureau De Change (BDC) in Abuja, Kano, and Lagos. Slight variations may exist across different parallel (unofficial) markets. Staying informed about these rates is pivotal, especially for those engaged in the dynamic realms of FINANCE and INSURANCE.

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