The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) remained stable over the weekend, with buying a dollar for N1400 and selling at N1420 on Sunday 5th May 2024, according to sources at Bureau De Change (BDC).
Despite the Central Bank of Nigeria’s (CBN) directive urging individuals to refrain from engaging in forex transactions in the parallel market, the black market exchange rate has continued to hold firm.
The CBN, as the regulatory body overseeing currency exchange in Nigeria, has consistently emphasized the importance of utilizing official channels for foreign exchange transactions.
However, the disparity between the black market rate and the CBN rate remains significant. While the black market offers a buying rate of N1400 and a selling rate of N1420, the CBN rate stands at a buying rate of N1441 and a selling rate of N1442.