Discover today's black market exchange rates for USD to NGN in Lagos, where buying stands at N1520 and selling at N1530. Despite CBN efforts to regulate forex through official channels, the parallel market shows volatility, reflecting economic policies and global trends.
Today, the black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) stands at N1520 for buying and N1530 for selling, as reported on 8th July 2024 by Bureau De Change sources in Lagos. This reflects a slight increase from previous rates, highlighting ongoing volatility in the parallel market despite efforts by the Central Bank of Nigeria (CBN) to regulate forex transactions through official channels.
The CBN, however, maintains a lower official rate of N1512 for buying and N1513 for selling USD to NGN. This disparity underscores the divergence between the regulated and parallel markets, with the latter serving as a crucial but unofficial avenue for forex transactions in Nigeria.
The black market's rates are influenced by various factors including supply and demand dynamics, economic policies, and global market trends. Despite the CBN's directives to patronize formal banking channels for forex transactions, the parallel market remains popular due to its flexibility and accessibility for individuals seeking to exchange currencies swiftly.
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