As of 22nd August 2024, the dollar to naira exchange rate in the Lagos Parallel Market (Black Market) stood at N1605 for buying and N1615 for selling, according to sources from Bureau De Change (BDC). Despite the Central Bank of Nigeria’s (CBN) directive for individuals to use official banking channels for foreign exchange, the black market remains active.
Current Exchange Rates:
- Black Market:
- Buying: N1605
- Selling: N1615
- CBN Official Rate:
- Buying: N1591
- Selling: N1592
It’s important to note that rates may vary depending on location and transaction specifics.
In other developments, the Nigerian Electricity Regulatory Commission (NERC) reported that Togo and Benin owe Nigeria a total of $14.19 million for electricity supplied in the first quarter of 2024. None of the four international bilateral customers made payments during this period, though some payments were made towards settling outstanding invoices from previous quarters.
