Today’s black market exchange rate for the dollar to naira in Lagos (Aboki dollar rate) is N1240 for buying and N1245 for selling, as reported by sources at Bureau De Change (BDC) on Wednesday, January 10, 2024. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct forex transactions through their respective banks.
The black market rates are as follows:
– Buying Rate: N1240
– Selling Rate: N1245
The CBN’s official rates today are:
– Buying Rate: 957
– Selling Rate: 958
It’s essential to be aware that the actual forex rates may differ from those mentioned in this article due to market fluctuations.
Additionally, on the official Investor and Exporter (I&E) window, the naira experienced a significant drop, reaching N1089.51 against the US dollar on Tuesday. This represents a 27.19 percent decline from the N856.57/$ rate on Monday. During Tuesday’s trading, the naira fluctuated between opening at N922.22/$, reaching a high of N1251/$, dropping to a low of N720/$, and finally settling at N1089.51/$ at the day’s close. The total forex turnover for the day stood at $97.45 million.
This marks the second-lowest closing rate for the naira since the removal of the currency’s rate cap by the Central Bank of Nigeria (CBN). Previous records show similar trends, with the naira hitting an all-time low of N1,099.05/$ on December 8, 2023, followed by N1043.09/$ on December 28, 2023, and N1035.12/$ on January 3, 2024.
