As of today, the dollar to naira exchange rate in the black market (parallel market) remains at a high value. According to Bureau De Change (BDC) sources, in Lagos, buyers purchase a dollar for ₦1,665 and sell it at ₦1,675.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and has directed those looking to engage in foreign exchange transactions to approach their respective banks.
Here’s a summary of the rates:
- Buying rate: ₦1,665
- Selling rate: ₦1,675
Meanwhile, the CBN rates stand slightly lower, with the official exchange rate for buying at ₦1,628 and selling at ₦1,629.
This fluctuation highlights the continued disparity between the official and black market rates, contributing to the challenges faced by Nigerians in accessing forex.
