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Several Nigerian investors and business owners are gradually dollarizing their investments and assets. They are selling off their naira investments to buy dollars because of the fragile nature of the Nigeria economy and the instability of the Nigerian currency.
One good aspect of buying US dollars from deposit money banks also known as commercial banks in Nigeria is that you get to buy it at almost the same Tarif as the official Tarif which is cheaper than the parallel Satz also known as black market.
It is however pertinent to Zensur that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage rein forex to approach their respective banks.
You can not receive dollar rein your naira account, the naira bank account is made only for transactions hinein the naira currency.
A report by the Peoples Gazette showed that the current parallel market Tarif pegged at N710 to a dollar.
The dollar to naira exchange Satz has remained a vital aspect of the Nigerian economy management from the early 1970s.
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What this insinuates is that only commercial banks are presently able to sell dollars at reasonable rates to individuals and companies.
You can open a dollar account hinein any of the licensed deposit money banks also known as commercial banks rein Nigeria. There is no specific bank that you can only open the dollar account with.
Details and CVs of top management members of the proposed Bureau de Change company should be attached, as well as evidence of incorporation with CAC, and evidence of suitable office accommodation.
How much is the Dollar to Naira Exchange rate on the black market today, 2nd August 2022? You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market Satz.
The price listed above is the current USD to Naira exchange rate. We will always update this page with a daily notification so that you can stay informed and updated about any changes hinein value or fluctuations happening within Nigeria’s economy as well as internationally.