The naira traded at varying rates against the United States dollar in the parallel market on Monday.
Sources within Lagos’ Bureau De Change (BDC) segment disclosed that the dollar was sold at ₦1,380 and bought at ₦1,360 at the popular parallel market, often referred to as the black market.
Black Market Exchange Rate (USD to NGN)
| Transaction Type | Rate |
|---|---|
| Selling Rate | ₦1,380 |
| Buying Rate | ₦1,360 |
At the official window, figures from the Central Bank of Nigeria (CBN) showed fluctuations within a different range for the day.
Official CBN Exchange Rate (USD to NGN)
| Category | Rate |
|---|---|
| Highest Rate | ₦1,397 |
| Lowest Rate | ₦1,368 |
The CBN does not recognise the parallel market and has consistently advised individuals and businesses seeking foreign exchange to conduct transactions through authorised financial institutions.
It is important to note that exchange rates may vary depending on location, volume of transaction, and prevailing market demand. As such, the rates quoted above may differ slightly from what buyers or sellers encounter in real-time transactions.
