Black Market Dollar to Naira Exchange Rate Holds Steady Amidst CBN Directive

Despite the Central Bank of Nigeria’s (CBN) stance against the parallel market, the dollar to naira exchange rate remained stable in Lagos’ black market over the weekend.

According to sources at Bureau De Change (BDC), on Sunday, March 17th, 2024, traders were buying a dollar for N1595 and selling at N1608.

It’s worth noting that the CBN, in its directive, urges individuals to utilize official banking channels for forex transactions, dismissing the black market rates. However, the disparity between the black market and official CBN rates persists.

READ ALSO: I Have Not Received Any Salary In 2 Yrs, My Wife Has No Official Car – Soludo

At present, the CBN’s buying rate stands at N1610 and the selling rate at N1611, a slight difference from the black market rates. It’s essential for individuals engaging in forex transactions to be aware that prices may vary depending on the source.

Despite regulatory efforts, the parallel market remains a significant player in the forex market, reflecting ongoing challenges in stabilizing Nigeria’s currency exchange landscape.