Dollar-Naira Exchange Rate Hits N1500 at Lagos Parallel Market

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According to sources at Bureau De Change (BDC), the exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) stood at N1500 for buying and N1510 for selling on Thursday, February 29th, 2024.

 

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to approach their respective banks for foreign exchange transactions.

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In contrast, the CBN rate for a dollar to naira was recorded at a buying rate of 1629 and a selling rate of 1630.

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It should be noted that the rates mentioned in this article may differ from the actual rates at the time of buying or selling forex, as prices are subject to variation.In other news, the National Bureau of Statistics (NBS) has reported a significant increase in the price of local rice.

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According to the NBS’s latest food price watch for January 2024, the kilogram price of local rice rose by 98.47 percent, from N514.83 in January 2023 to N1,021.79 in January 2024.

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