Black Market Dollar To Naira Exchange Rate Today – 4th December 2024

Black Market Dollar To Naira Exchange Rate Today – 4th December 2024
The exchange rate for the Dollar to Naira in the black market, also known as the parallel market or “Aboki FX,” has been reported as follows for December 3, 2024:

•Buying Rate: ₦1,725 per US dollar

•Selling Rate: ₦1,730 per US dollar

These rates were observed in the Lagos Parallel Market (Black Market), according to sources within Bureau De Change (BDC).

Official CBN Dollar to Naira Rate

Meanwhile, the Central Bank of Nigeria (CBN) maintains its official exchange rates, with the Naira trading at:

•Buying Rate: ₦1,662 per US dollar

•Selling Rate: ₦1,663 per US dollar

Please note that the CBN does not officially recognize the parallel market. It encourages individuals to obtain foreign exchange through banks rather than engaging with black market rates.

Naira Scarcity: CBN Issues Warning to Commercial Banks

The Central Bank of Nigeria (CBN) has issued a stern warning to commercial banks about the ongoing cash scarcity at Automated Teller Machines (ATMs). CBN Governor, Olayemi Cardoso, spoke about the issue at the Chartered Institute of Bankers of Nigeria’s annual Bankers’ Dinner on Friday, December 1, 2024.

Cardoso revealed that the CBN would be conducting spot checks on banks and penalizing institutions that fail to ensure adequate cash availability at ATMs and bank counters. He encouraged customers facing withdrawal difficulties to report the issue directly to the CBN through provided state-specific contact details.

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