The dollar to naira exchange rate in the black market (also known as the parallel market or Aboki FX) for October 9th, 2024, saw players in Lagos buying the dollar for ₦1685 and selling it for ₦1695. It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals to approach their banks for Forex transactions.
Exchange Rates Summary:
- Black Market Rates (Aboki FX):
Buying: ₦1685
Selling: ₦1695 - CBN Official Rates:
Buying: ₦1589
Selling: ₦1590
The rates provided may vary based on location and specific transaction circumstances.
In a separate development, the Central Bank of Nigeria has reassured the public that deposits in Nigerian banks are safe. This comes in response to rumors suggesting that certain banks were at risk of losing their licenses. CBN’s Acting Director of Corporate Communications, Hakama Ali, emphasized that the bank conducts regular stress tests and uses an Early Warning System to address risks and ensure stability in the financial system.
The CBN’s Risk-Based Supervision strategy targets institutions posing higher risks to the financial sector, ensuring a secure banking environment for depositors. The central bank remains committed to safeguarding the financial interests of all Nigerians.
