Today’s black market exchange rate for the dollar to naira is as follows: In the Lagos Parallel Market (Black Market), individuals can buy a dollar for N1310 and sell it at N1320, as reported on Tuesday, January 16, 2024, by sources at Bureau De Change (BDC).
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and directs individuals to approach their respective banks for forex transactions.
Current Dollar to Naira Black Market Rates:
– Buying Rate: N1310
– Selling Rate: N1320
In contrast, the CBN’s official rates for the dollar to naira today are as follows:
– Buying Rate: N852
– Selling Rate: N853
Please be aware that the actual rates you encounter may vary, as forex prices are subject to change.
Additionally, in the physical black market, the Naira was exchanged for N1,280 against the US dollar, representing a slight depreciation from the previous week’s rate of N1,260. Meanwhile, in the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira strengthened, closing at N838.95 to the dollar, an improvement from the previous Friday’s rate of N890.54/US$1.
The Naira experienced significant fluctuations throughout the past week, with a weekly low of N1089.51/US$1 on Tuesday and a high of N856.57/US$1 on Monday. This volatility reflects the ongoing challenges in stabilizing the Naira’s value amid economic pressures.
In the Peer-to-Peer (P2P) market, valued by crypto traders, retail investors, and speculators, the Naira was initially valued at approximately N1272/$ on Monday, showing a slight drop from the weekend’s rate of N1255/$.