The exchange rate for the US dollar to the Nigerian naira on the Lagos parallel market (commonly known as the black market) reached new highs on Sunday, 1st September 2024.
According to sources within the Bureau De Change (BDC), the dollar was being bought for ₦1,640 and sold at ₦1,650.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognise the parallel market, often referred to as the black market.
The CBN has consistently directed individuals and businesses seeking to engage in foreign exchange transactions to do so through their respective banks.
This Might Interest You OANDA and Black Market Exchange Rates For Naira to Dollar - January 1st 2024
Dollar to Naira Exchange Rates: Black Market vs. CBN
Black Market Rates:
- Buying Rate: ₦1,640
- Selling Rate: ₦1,650
CBN Official Rates:
- Buying Rate: ₦1,597
- Selling Rate: ₦1,598
However, it is crucial to acknowledge that the rates at which foreign exchange is bought or sold can vary significantly across different locations and vendors.
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