Today’s Black Market Dollar To Naira Exchange Rate: September 29, 2024

Today’s Black Market Dollar To Naira Exchange Rate: September 29, 2024

As of September 28, 2024, the Dollar to Naira exchange rate in the Lagos parallel market, commonly referred to as the black market, is as follows: buyers can purchase a dollar for **₦1,695**, while sellers offer it at **₦1,700**, according to sources from Bureau De Change (BDC) operators…….CONTINUE READING 

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and has advised individuals seeking to engage in foreign exchange transactions to go through their respective banks.

**Current Black Market Rates:**

– **Buying Rate:** ₦1,695
– **Selling Rate:** ₦1,700

**CBN Exchange Rates:**

– **Buying Rate:** ₦1,637
– **Selling Rate:** ₦1,638

Please keep in mind that the rates for buying or selling foreign exchange may differ from those mentioned in this article due to fluctuations in the market.

**CBN Sells Dollars to BDC Operators at ₦1,590/$**

The Central Bank of Nigeria has recently approved the sale of foreign exchange to qualified BDC operators at a rate of **₦1,590 per dollar**. This initiative aims to meet the demand for invisible transactions.

In a circular issued yesterday, titled “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,” the CBN announced that each BDC would receive **$20,000** at the approved rate.

The announcement, signed by W.J. Kanya, acting director of the trade and exchange department, stated:

“This is to inform Bureau De Change Operators and the general public that the CBN will be providing additional liquidity to this segment of the foreign exchange market. Each eligible BDC will receive $20,000 at the rate of ₦1,590, intended to meet the demand for invisible transactions.”

Furthermore, all BDCs are permitted to sell to eligible end-users with a margin not exceeding one percent (1%) above the purchase rate from the CBN. Eligible BDCs interested in this transaction are instructed to make the Naira payment to the CBN Deposit Account Numbers associated with them.