The exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) in the parallel or black market continues to experience fluctuations, largely influenced by supply and demand dynamics.
As of Sunday, 8th December 2024, the buying and selling rates for the Dollar in the Lagos Parallel Market (Black Market) were as follows:
In the black market, traders were buying US dollars at a rate of **₦1595** for each dollar.
This is the price at which individuals or businesses can sell their dollars to Bureau De Change (BDC) operators or market players.
On the other hand, the selling rate, which is the price at which individuals can buy US dollars from these operators, stood at **₦1600**.
It’s important to note that these exchange rates fluctuate daily due to various economic factors, including market demand, inflation, and available supply of US dollars.
Because the parallel market is not regulated by the Central Bank of Nigeria (CBN), its rates can differ significantly from those found at commercial banks.
The Central Bank of Nigeria, which regulates the official forex market, does not recognize the parallel market.
In line with this, the CBN has consistently directed individuals who wish to engage in foreign exchange transactions to do so through formal banking channels. As a result, the rates in the official market tend to differ from those of the black market.
As of the latest official rates, the exchange rate for USD to Naira set by the **CBN** ranges from **₦1565** to **₦1610**, with the highest rate at **₦1610** and the lowest at **₦1565**.
These rates are typically fixed by the CBN, and commercial banks offer them to customers engaging in foreign exchange transactions.
However, these official rates may not be easily accessible for all individuals, especially those looking to purchase smaller quantities of foreign currency, as most people still rely on the parallel market for their forex needs.
It is important to remember that exchange rates can vary from one transaction to another, and the rates may differ slightly from those stated here depending on location, the amount of dollars being exchanged, and the time of the transaction.
