In the latest update on the Dollar to Naira exchange rates in the black market, also known as the parallel market or Aboki FX, the Nigerian Naira is facing a depreciation against the US Dollar. As of Thursday, 1st February 2024, reliable sources from Bureau De Change (BDC) reveal that players in the Lagos Parallel Market are buying a dollar for N1450 and selling at N1500.
The Central Bank of Nigeria (CBN) continues to distance itself from the parallel market, emphasizing its non-recognition. The CBN encourages individuals involved in Forex transactions to approach their respective banks for official rates and transactions.
Here are the latest exchange rates for Dollar to Naira in both the Black Market (Aboki FX) and CBN:
Black Market Exchange Rate (Aboki FX):
- Buying Rate: N1450
- Selling Rate: N1500
Risks of Using the Black Market:
The CBN discourages using the black market for the following reasons:
- The rates are often higher than the official rates.
- The transactions are illegal and could lead to penalties.
- There is a risk of fraud and theft.
Central Bank of Nigeria (CBN) Official Rate:
The Central Bank of Nigeria (CBN) official rate is N1356 buying rate and N1357 selling rate, as of today, Friday, February 2, 2024. The CBN discourages using the black market and recommends using authorized banks to exchange your currency.
It’s important to note that the rates mentioned here may vary based on your location and specific forex transactions. Prices can fluctuate, and individuals are advised to check with their banks for the most accurate and up-to-date rates.
Central Bank’s Stance:
The Central Bank of Nigeria has consistently maintained its position against the parallel market, underscoring the importance of engaging in Forex transactions through authorized banks. This stance aims to ensure transparency and stability in the foreign exchange market.
Caution to Readers:
Readers are advised to exercise caution and diligence when engaging in forex transactions. The rates mentioned in this article are indicative and may differ from real-time market conditions. Prices can be subject to change, and it’s recommended to verify the latest rates from reliable sources or financial institutions.
In conclusion, the current Dollar to Naira exchange rates in the black market signal a weakening trend for the Naira. As economic conditions fluctuate, individuals are encouraged to stay informed and make informed decisions when participating in forex activities.
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