On July 22, 2024, the black market exchange rate for USD to NGN in Lagos is ₦1,590 buying and ₦1,598 selling. In contrast, the Central Bank of Nigeria sets its official rates at ₦1,584 buying and ₦1,585 selling. Rates may vary slightly due to market conditions.
On July 22, 2024, the black market (parallel market) exchange rate for the US Dollar to the Nigerian Naira was reported. In Lagos, the exchange rate at the parallel market sees a buying rate of ₦1,590 and a selling rate of ₦1,598. This rate reflects the value at which black market traders, also known as Bureau De Change (BDC) operators, are currently transacting.
In contrast, the Central Bank of Nigeria (CBN) has set its official exchange rates, which differ from the parallel market rates. As of today, the CBN’s buying rate for the US Dollar is ₦1,584, with a selling rate of ₦1,585. It is important to note that the CBN does not officially recognize the parallel market rates and advises individuals to conduct forex transactions through authorized banks.
The disparity between the parallel market and CBN rates highlights ongoing fluctuations in the Nigerian currency market. Individuals and businesses seeking to exchange dollars for naira should be aware that actual rates may vary slightly due to market conditions.
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