Dollar To Naira Black Market Rate For Today, August 12, 2024

Dollar To Naira Black Market Rate For Today, August 12, 2024

What is the current Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki fx)? Here are the rates for August 11, 2024:……. CONTINUE READING 

At the Lagos parallel market, also known as the black market, the exchange rate is approximately N1603 for buying and N1610 for selling a dollar, according to sources at Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and directs individuals to conduct foreign exchange transactions through their banks.

**Dollar to Naira Black Market Rates Today:**
– **Buying Rate:** N1603
– **Selling Rate:** N1610

**Dollar to Naira CBN Rates Today:**
– **Buying Rate:** N1583
– **Selling Rate:** N1584

Please be aware that actual rates may vary from those listed due to fluctuations in the market.

In other news, the CBN recently sold $876.26 million in foreign exchange to banks at ₦1,495 per dollar, according to a statement from August 7, signed by Omolara Omotunde Duke, CBN’s director of financial markets. This auction aimed to alleviate demand pressure and enhance price discovery in the forex market. Out of 26 banks that participated, six were disqualified due to missed deadlines or incorrect bids.

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