In a recent update on the 12th of September 2023, the parallel market, often referred to as the “black market,” has recorded a shift in the Dollar to Naira exchange rate. As per reports from trusted sources at the Aboki Forex website, here are the latest figures:
- Buying Rate: N925
- Selling Rate: N930
This means that as of today, you can purchase one US dollar for N925, while selling it would fetch you N930 in return.
It’s essential to bear in mind that foreign exchange rates in the black market can be subject to fluctuations and may differ slightly depending on various factors such as location and demand. The figures mentioned above provide a general overview of the exchange rate prevailing in Lagos, Nigeria, as of the specified date.
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The Central Bank of Nigeria (CBN) maintains its stance on not recognizing the parallel market (black market) for foreign exchange transactions. Instead, the CBN has consistently directed individuals seeking to engage in forex transactions to approach their respective banks for official rates.
As the black market rates are unofficial and often influenced by factors like supply and demand dynamics, economic conditions, and speculative activities, it is advisable to exercise caution and seek financial advice when engaging in currency exchange operations.
Please note that the rates you may encounter when buying or selling forex could slightly differ from the rates provided in this article due to the dynamic nature of the forex market.
Stay informed about the latest developments in the Nigerian foreign exchange market, and if you are considering currency exchange, consult with your bank or financial institution for the most accurate and up-to-date rates and guidance.
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