Dollar-Naira Exchange Rate Hits N1610 for Buying at Lagos Black Market

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On Saturday, March 9th, 2024, sources at Bureau De Change (BDC) reported that the exchange rate for a dollar to the Nigerian Naira at the Lagos Parallel Market, also known as the Black Market, was N1610 for buying and N1620 for selling.

 

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

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The CBN’s official exchange rate for the dollar to Naira on the same day was N1593 for buying and N1594 for selling. It is worth mentioning that the rates mentioned in this article may not reflect the actual rates at which individuals buy or sell forex, as prices can vary.

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It is crucial for individuals seeking foreign exchange to be aware of the official rates set by the CBN and to approach their banks for such transactions.

The parallel market rates mentioned here are provided for informational purposes only and may not be recognized by official financial institutions.

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