Here is the current exchange rate for the dollar to naira in the black market, also known as the parallel market, as of August 3, 2024.
These are the rates you might encounter when exchanging dollars for naira.
Black Market Exchange Rate
– Buying Rate: ₦1600 per dollar
– Selling Rate: ₦1610 per dollar
This rate is based on the figures from Lagos Parallel Market operators (Black Market) on Friday, August 2, 2024, as reported by sources within the Bureau De Change (BDC).
Official CBN Exchange Rate
While the black market rates are provided for reference, it’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market for foreign exchange transactions. Individuals interested in forex trading are encouraged to approach their banks.
– Buying Rate: ₦1599 per dollar
– Selling Rate: ₦1600 per dollar
Note
Exchange rates can vary, and the rates you might encounter when buying or selling forex could differ from those listed here. Always check with local sources or financial institutions for the most current rates.
CBN Sells $148 Million in Forex to 29 Authorized Dealers
The Central Bank of Nigeria (CBN) announced that it sold $148 million in foreign exchange to 29 authorized dealer banks over a two-day period on July 22 and 23, 2024.
This information was disclosed in a statement on the CBN’s official website. The foreign exchange was sold on the Nigerian Foreign Exchange Market (NFEM) at exchange rates of ₦1,470 and ₦1,510 per dollar, respectively.
The bank specified that the sales were made to 29 authorized dealer banks at exchange rates of ₦1,470 and ₦1,510 per dollar. Additionally, the CBN purchased $2 million from one authorized dealer bank at a rate of ₦1,505 per dollar.
The transactions for July 22, 2024, were settled on a T+0 basis, while those for July 23, 2024, followed the same T+0 settlement timeline.
