The black market exchange rate for the U.S. dollar to the Nigerian naira today, August 12, 2024, is as follows:
- Buying Rate: ₦1603
- Selling Rate: ₦1610
These rates are for transactions at the Lagos Parallel Market (commonly known as the black market) and are provided by sources at Bureau De Change (BDC) operators.
The Central Bank of Nigeria (CBN) official rates are:
- Buying Rate: ₦1583
- Selling Rate: ₦1584
Please note that these rates can vary based on market conditions and individual transactions.
CBN FX Auction Results
The Central Bank of Nigeria (CBN) has recently sold foreign exchange (FX) worth $876.26 million to banks at a rate of ₦1,495 per dollar. This transaction was part of an effort to alleviate demand pressure in the FX market and aid in price discovery.
The auction, conducted through a retail Dutch auction system (rDAS), saw bids from 26 banks, with six banks being disqualified for various reasons, including missed deadlines and incomplete submissions.
