By Mario Deepromoter
As of today, September 12, 2024, the exchange rate for the Dollar (USD) to Naira (NGN) at the black market, also known as the parallel market (or Aboki fx), has shown notable fluctuations. Here’s a snapshot of the latest rates:
Black Market Exchange Rates:
Buying Rate: ₦1650
Selling Rate: ₦1660
In Lagos, parallel market participants report that a dollar is being bought for ₦1650 and sold for ₦1660. These rates reflect the current demand and supply dynamics in the informal forex market.
Central Bank of Nigeria (CBN) Exchange Rates:
Buying Rate: ₦1611
Selling Rate: ₦1612
It’s important to note that the Central Bank of Nigeria (CBN) does not officially endorse the black market rates. The CBN encourages individuals to engage in foreign exchange transactions through their respective banks to access the official rates.