The naira continued its downward spiral, depreciating further against the US dollar at the black market, also known as the parallel market (Aboki fx).
As of Monday, August 5th, 2024, the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1600 and sell at N1605.
According to sources at Bureau De Change (BDC), the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Despite the CBN’s efforts to stabilize the naira through various foreign exchange sales, market challenges persist.
The Nigeria trade hub reported a rise of ₦18 in the exchange rate to the USD, reaching ₦1,618.732 from the previous rate of ₦1,600.32.
-Advertisement-
The naira’s depreciation occurred despite the CBN’s interventions to address liquidity issues in the official market through dollar sales.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
