As of Saturday, November 30, 2024, the exchange rate for the dollar to naira at the Lagos Parallel Market (also known as the black market) is as follows:
- Buying Rate: N1730
- Selling Rate: N1740
These rates represent the price at which individuals can buy or sell U.S. dollars through Bureau De Change (BDC) operators in Lagos and other major cities operating outside the official banking system. The parallel market rates are often higher than the official rates set by the Central Bank of Nigeria (CBN), due to the difference in supply and demand for foreign exchange outside of regulated channels.
In contrast, the Central Bank of Nigeria (CBN) has its own official exchange rates, which are set and monitored by the central bank. As of today, the CBN exchange rate for the dollar to naira is:
- Buying Rate: N1662
- Selling Rate: N1663
These are the rates at which commercial banks and authorized forex dealers are allowed to buy and sell dollars in the official market. The CBN regulates these rates and ensures that they align with the country’s monetary policies and the available supply of foreign exchange.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) as an official exchange platform. In its official guidelines, the CBN directs individuals and businesses in need of foreign currency to approach commercial banks for their forex needs. This regulation is part of the CBN’s efforts to control and stabilize the exchange rate in the formal economy.
However, the black market remains an active and often necessary source for many Nigerians who are unable to access dollars through the official banking system. As a result, exchange rates in the parallel market fluctuate frequently, driven by demand, supply, and other external factors, such as international oil prices and government policies regarding foreign exchange.
The rate at which you can buy or sell foreign currency may vary slightly from the figures quoted above, depending on the location, the time of day, and specific market conditions. Therefore, it is advisable to check updated rates before making any transactions, as rates can change rapidly in the black market due to fluctuations in the supply of dollars or changes in local demand.
