The Dollar to Naira exchange rate in the black market, also known as the parallel market, saw a slight increase on Friday, September 27, 2024. According to sources from Bureau De Change operators in Lagos, the dollar was being bought at ₦1690 and sold at ₦1700. Despite the official rates set by the Central Bank of Nigeria (CBN), many Nigerians still rely on the parallel market for foreign exchange.
The CBN continues to encourage individuals to engage in foreign exchange transactions through their banks, as it does not recognize the black market. Official rates provided by the CBN for the same day were ₦1637 for buying and ₦1638 for selling, highlighting a noticeable gap between the official and parallel market rates.
