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, 5th April, 2024, the black market rate for exchanging 100 US dollars to naira stands at:
Buying rate: ₦124,500
Selling rate: ₦125,500
In essence, purchasing 100 US dollars in the black market requires 124,500 naira, while selling the same amount yields N125,500.
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