The ongoing volatility of the black market exchange rate between the US dollar and the Nigerian naira persists due to the continued disparity between official and unofficial rates.
As of today, March 16th, 2024, the black market rate for exchanging 100 US dollars to naira stands at:
Buying rate: ₦160,000
Selling rate: ₦160,500
In essence, purchasing 100 US dollars in the black market requires 160,000 naira, while selling the same amount yields N160,500.
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