The parallel market (black market) exchange rate for the dollar to the naira has reached N1460, reflecting growing concerns over Nigeria’s economic stability.
According to sources at Bureau De Change (BDC), players in Lagos’ Parallel Market are buying a dollar for N1450 and selling at N1460 as of Saturday, March 23rd, 2024.
This surge in the exchange rate comes amidst ongoing economic challenges, with a staggering 31.5 million Nigerians facing the threat of hunger this year, as reported by Cadre Harmonise.
While the Central Bank of Nigeria (CBN) maintains its official rates at a buying rate of 1447 and a selling rate of 1448, the disparity between official rates and black market rates underscores the prevalence of parallel market activities.
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