As of Saturday, 28th September 2024, the dollar to naira exchange rate at the Lagos black market hit N1700 for selling and N1695 for buying. Despite these parallel market rates, the Central Bank of Nigeria (CBN) maintains its official rate, with the dollar selling at N1638.
In response to growing demand for foreign exchange, particularly for invisible transactions, the CBN has announced the sale of $20,000 to eligible Bureau De Change (BDC) operators at a rate of N1590 per dollar. The central bank aims to inject liquidity into the forex market to help stabilize rates.
