On August 5, 2024, the black market exchange rate for the US Dollar to Naira is ₦1605 for buying and ₦1614 for selling, according to Bureau De Change sources. The Central Bank of Nigeria's official rate stands at ₦1599 for buying and ₦1600 for selling.
As of August 5, 2024, the black market exchange rate for the US Dollar to Nigerian Naira has been reported by Bureau De Change (BDC) sources. On August 4, 2024, the parallel market saw the buying rate for the dollar at approximately ₦1605 and the selling rate at ₦1614 in Lagos.
The Central Bank of Nigeria (CBN) does not officially recognize the parallel market rates and recommends that individuals seeking foreign exchange use formal banking channels. According to the CBN's official rate for the same date, the dollar was being bought at ₦1599 and sold at ₦1600.
It is important to note that these rates can fluctuate and may differ based on location and market conditions. The disparity between the black market and official rates highlights ongoing issues in Nigeria’s foreign exchange sector, with many opting for the parallel market due to accessibility and immediate transactions.
For anyone looking to exchange dollars for naira, it is advisable to check current rates from multiple sources as they can vary, and consider using formal banking institutions for more stable rates and transactions.
