The dollar to naira exchange rate at the black market, also known as the parallel market (Aboki fx), has been fluctuating in recent days.
As of August 4th, 2024, the exchange rate stands at N1605 for buying and N1614 for selling, according to sources at Bureau De Change (BDC).
The Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), and has directed individuals who want to engage in Forex to approach their respective banks.
Despite this, the black market continues to thrive, with many Nigerians relying on it for their foreign exchange needs.
The exchange rate at the CBN is slightly lower, at N1599 for buying and N1600 for selling. However, the CBN rate is not accessible to many individuals, leading them to rely on the black market.
Additionally, the Federal Competition and Consumer Protection Commission (FCCPC) has accused Coca-Cola Nigeria Limited and Nigerian Bottling Company of deceiving Nigerians with one of their products.
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The Commission claims that the companies are guilty of deceptive labeling, misleading trade descriptions, and unfair marketing practices.
The FCCPC stated that Coca-Cola Nigeria and NBC are in violation of section 116 of the FCCPC Act as well as section 124 1(a) of the Commission’s Establishment Act.
READ ALSO: Dollar To Naira Exchange Rate Hits N1610 At Black Market
The commission added that its position is based on years of investigation which commenced in 2019, noting that the issue of Abuse of Dominance and the appropriate penalty under the FCCPA and Administrative Penalties Regulation 2020 (APR) have been reserved for further regulatory action, with penalties to be imposed in due course.
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