The naira continued to trade weakly against the United States dollar at the Lagos parallel market, commonly referred to as the black market.
According to information obtained from Bureau De Change (BDC) operators, the dollar was sold at ₦1,450, while buyers purchased the greenback at ₦1,435.
Dollar to Naira Black Market Rate
| Currency Pair | Exchange Rate |
|---|---|
| Selling Rate | ₦1,450 |
| Buying Rate | ₦1,435 |
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognise transactions carried out at the parallel market. The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to conduct their transactions through licensed commercial banks and authorised dealers.
Official CBN Dollar to Naira Rate
At the official foreign exchange market, data shows that the dollar traded within a narrower band under the CBN window.
| Currency Pair | CBN Rate Today |
|---|---|
| Highest Rate | ₦1,373 |
| Lowest Rate | ₦1,361 |
Market observers note that foreign exchange rates may vary slightly depending on location, volume, and market demand. As a result, the price at which individuals buy or sell dollars may differ from the rates quoted in this report.
