Dollar (USD) To Naira (NGN) Black Market Rates For December 5, 2024

Dollar (USD) To Naira (NGN) Black Market Rates For December 5, 2024As of December 5, 2024, the exchange rate for the Dollar to Naira in the black market (also known as the parallel market or Aboki FX) stands as follows:

•Buying Rate: N1700

•Selling Rate: N1715

This rate is based on information from sources at Bureau De Change (BDC) operators in Lagos.

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN directs individuals who wish to exchange foreign currency to approach their designated banks for official rates.

CBN Exchange Rate for Dollar to Naira:

•Buying Rate: N1612

•Selling Rate: N1613

Please be aware that the exchange rates can fluctuate, and the rates you encounter when buying or selling foreign currency may differ from the figures mentioned above.

Consumer Protection: Nigerian Govt Investigates GTB, Air Peace, MTN Over Complaints

In other news, the Federal Competition and Consumer Protection Commission (FCCPC) has launched investigations into consumer complaints against major players in the banking, telecommunications, and aviation sectors.

Guaranty Trust Bank (GTB) is under scrutiny for network failures that have prevented customers from accessing funds or using banking apps. MTN Nigeria is facing questions about undelivered data services and unexplained data depletion. Additionally, Air Peace is being investigated for allegations of exploitative ticket pricing, particularly significant price hikes for advance bookings on certain domestic flights.

The FCCPC, which began its inquiries on December 3, 4, and 5, aims to address issues of poor service delivery, exploitative practices, and potential violations of consumer rights.

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