Lagos Parallel Market (Black Market) Exchange Rate
In recent developments on October 13, 2023, the black market exchange rate for the US Dollar to the Nigerian Naira remains a topic of concern among traders, business people, and individuals alike. This unofficial market, also known as the parallel market, continues to provide an alternative option for currency exchange, despite the Central Bank of Nigeria’s (CBN) directives.
As of today, the exchange rate at the Lagos Parallel Market stands at N1035 for buying and N1045 for selling a US Dollar. These rates are based on information sourced from Bureau De Change (BDC) participants, reflecting the dynamic nature of the black market.
It is essential to understand that the Central Bank of Nigeria does not officially recognize or endorse the black market exchange rates. Instead, the CBN encourages individuals and businesses looking to engage in Forex transactions to approach their respective banks or authorized financial institutions. The official exchange rate provided by these institutions may vary from the black market rates, depending on various factors and market conditions.
READ ALSO: Black Market Dollar to Naira Exchange Rate on 17th November 2023
The use of the black market for currency exchange, despite its unofficial status, remains widespread due to the flexibility it offers, especially in obtaining foreign currencies that might not be readily available through official channels. However, individuals are advised to exercise caution when using the black market and ensure that they are dealing with reputable sources to avoid potential fraud or financial risks.
It is worth noting that exchange rates in the black market can fluctuate rapidly, and the rates mentioned here may not be the same as what you encounter when buying or selling foreign currency. Rates can be influenced by factors such as supply and demand, economic conditions, geopolitical events, and government policies.
In conclusion, as of October 13, 2023, the black market exchange rate for the US Dollar to the Nigerian Naira stands at N1035 for buying and N1045 for selling. However, individuals are reminded that the official CBN rates may differ and that they should consider their options carefully when engaging in foreign currency transactions, keeping in mind the potential risks associated with the black market.
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