Economy
CBN lists conditions for sale of FX to BDC operators
The Central Bank of Nigeria, CBN, has issued guidelines for the sale of foreign exchange (FX) to Bureaux De Change, BDC, operators.
The modalities are outlined in a statement issued by the Trade and Exchange Department of the CBN on Wednesday.
The Apex Bank stated that this is in response to its earlier authorization granting temporary access to existing BDCs to the Nigerian Foreign Exchange Market (NFEM) for the purchase of FX from authorized dealers.
The CBN noted that authorized dealers are only allowed to sell foreign exchange cash to BDCs, subject to a maximum of USD 25,000.00 per week per BDC.
The Apex Bank warned that any breach of this condition will attract appropriate sanctions.
The CBN emphasized that the selling rate by authorized dealers to BDCs shall be the prevailing day rate at the NFEM window.
According to the statement from the bank, “foreign exchange cash purchased by BDCs from authorized dealer banks shall be sold to foreign exchange end-users at a rate not exceeding a one percent margin above the buying rate.
“While the one percent margin stated above shall be applicable to all funds to be retailed by BDCs, regardless of the source of funds.”
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1560 and sell at ₦1570 on Monday 24th March, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
₦1560
Selling Rate
₦1570
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1537
Lowest Rate
₦1527
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
What is the Current Dollar to Naira Exchange Rate in the Black Market (Parallel Market)?
Go through the latest Dollar to Naira exchange rate in the black market (also known as the parallel market) for March 23, 2025, below. You can exchange your dollars for Naira at these rates.
How Much is a Dollar to Naira Today in the Black Market?
The exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) on Sunday, March 23, 2025, is as follows:
Buying Rate: ₦1585
Selling Rate: ₦1590
These rates were confirmed by Bureau De Change (BDC) sources.
Please note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, and it advises individuals wishing to engage in Forex trading to go through their respective banks.
Dollar to Naira Black Market Exchange Rate for Today:
Buying Rate: ₦1585
Selling Rate: ₦1590
Dollar to Naira CBN Exchange Rate Today:
Highest Rate: ₦1545
Lowest Rate: ₦1526
Keep in mind that the rates you experience when buying or selling Forex might differ from what is presented in this article, as prices can fluctuate
The exchange rate for the US dollar to the Nigerian naira in the black market, also known as the parallel market (Aboki FX), has been released.
As of Wednesday, 19th March 2025, traders at the Lagos Parallel Market (Black Market) were buying dollars at ₦1575 and selling at ₦1585, according to sources from the Bureau De Change (BDC).
Official CBN Exchange Rate
The Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to conduct foreign exchange transactions through official banking channels. The official exchange rates recorded by the CBN are as follows:
Highest Rate: ₦1545
Lowest Rate: ₦1500
It is important to note that foreign exchange rates may vary depending on the location and financial institution handling the transaction.
Bill To Make Appeal Court Final Arbiter In Governorship Election Disputes Passes Second Reading
BREAKING! INEC tells Kogi Central constituents your petition on Natasha unsatisfactory
NSITF, NDE partner to curb unemployment
Just in: Terrorists ambush military truck, kill all soldiers on board
Nigerian Dancer, Korra Obidi Attacked with acid, stabbed on stage In UK
Meet Rare Gem 16 Years Old Chiaza, CEO of ‘RUN MARKET PLACE’
-
News2 hours agoBREAKING! INEC tells Kogi Central constituents your petition on Natasha unsatisfactory
-
Opinion16 hours agoREVEREND FATHER PIUS FEMI OLADELE, MSP: LERATO, LEEF VOORT!
-
News9 hours agoBREAKING: Judge refuse self from Natasha’s case after Akpabio’s petition
-
News4 hours agoPhoto of lady who submitted petition against Senator Natasha and Yahaya Bello emerges
-
News10 hours agoBREAKING: Ibas makes first appointments as Head of Service resigns
-
News23 hours agoIt’s a LIE! Justice Agim Didn’t Accompany Wike To UNICAL Convocation – Supreme Court
-
News15 hours agoObasanjo Condemns African Democracy: “This System Is Not Ours; It Has Failed to Deliver”
-
Economy10 hours agoSEE Black Market Dollar To Naira Exchange Rate Today 25th March 2025