As of Saturday, November 16, 2024, the exchange rate for the U.S. dollar (USD) to the Nigerian Naira (NGN) in the Lagos parallel market, also known as the black market, has been reported to range between N1,740 and N1,745. According to sources within the Bureau De Change (BDC) community, the buying rate for the dollar stands at N1,740, while the selling rate is slightly higher at N1,745.
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market exchange rates. The CBN has consistently advised individuals and businesses in need of foreign exchange (Forex) to use the official banking system. This means those seeking to buy or sell foreign currency should approach their banks for transactions, as the black market rates are not endorsed by the central authority.
For those interested in the official exchange rates, the CBN has set the dollar to naira rate at N1,657 for buying, with the selling rate standing at N1,658. However, it’s essential to understand that the actual rates at which individuals can buy or sell dollars may differ slightly, depending on the specific bank or financial institution, as exchange rates fluctuate regularly.
This disparity between the black market and official rates reflects the ongoing challenges in Nigeria’s forex market, with the parallel market often offering rates that are significantly higher than those set by the CBN. Therefore, individuals engaging in currency exchange should be mindful of these differences and consider the most reliable channels for their transactions.
