Dollar to Naira Exchange Rate Hits N1550 at Black Market

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The dollar to naira exchange rate at the black market, also known as the parallel market or Aboki fx, has risen to N1550 per dollar.

According to sources at Bureau De Change (BDC), players in the Lagos Parallel Market buy a dollar for N1540 and sell at N1550.

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Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, directing individuals to approach their respective banks for Forex transactions.

In related news, NGX Regulation, the regulatory division of the NGX Group, has suspended trading in the stocks of eight companies due to their failure to submit their respective accounts for 2023. The affected companies include Unity Bank, C&I Leasing Plc, Guinea Insurance, Lasaco Assurance, Mutual Benefits Assurance, NPF Microfinance Bank, Regency Alliance Insurance, and Secure Electronic Technology Plc.

READ ALSO: Dollar to Naira Exchange Rate Hits N1530 at Black Market

 

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According to Godstime Iwenekhai, Head of the Issuer Regulation Department, “Trading in the shares of the eight companies below have been suspended from the facilities of Nigerian Exchange Limited (NGX or The Exchange) effective today, Monday, July 8, 2024, for not filing their Audited Financial Statements for the year ended December 31, 2023.”

Listed companies are obligated to comply with post-listing requirements by submitting their accounts and other documents within a specified timeframe on the Exchange.

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