As of August 18, 2024, the black market exchange rate for the U.S. dollar to the Nigerian naira is N1,605 for buying and N1,610 for selling. In contrast, the Central Bank of Nigeria offers rates of N1,584 for buying and N1,585 for selling dollars.
As of August 18, 2024, the black market exchange rate for the U.S. dollar against the Nigerian naira shows significant variation. In Lagos, individuals can buy a dollar for approximately N1,605 and sell it for around N1,610, according to local Bureau de Change (BDC) operators.
In contrast, the Central Bank of Nigeria (CBN) provides a different rate, with dollars being bought at N1,584 and sold at N1,585. It is important to note that the CBN does not endorse the black market for currency exchange and advises individuals seeking forex transactions to utilize official banking channels.
The disparity between the official and parallel market rates reflects ongoing economic challenges in Nigeria, affecting currency value and accessibility. These fluctuations are influenced by various factors, including inflation, supply and demand dynamics, and foreign exchange policies.
Individuals interested in exchanging currency should keep in mind that rates can vary from those stated, as they depend on market conditions at the time of the transaction. Therefore, it is advisable to verify current rates with reliable sources before engaging in any currency exchange activities.
