The exchange rate for the US Dollar to the Nigerian Naira in the Lagos Parallel Market (commonly known as the black market) on Tuesday, November 12, 2024, has been reported at a buying rate of N1,730 and a selling rate of N1,740. This information is according to sources within the Bureau De Change (BDC) sector.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN has continually advised individuals seeking to exchange foreign currency to do so through authorized commercial banks rather than relying on the black market.
Here are the exchange rates for the Dollar to Naira in different markets:
Black Market (USD to NGN)
- Buying Rate: N1,730
- Selling Rate: N1,740
CBN Official Rate (USD to NGN)
- Buying Rate: N1,687
- Selling Rate: N1,688
Please be aware that the rates mentioned may vary, as exchange rates fluctuate depending on the time of transaction and the specific market conditions. It is always advisable to check with multiple sources or authorized dealers for the most up-to-date rates.
