The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) on the black market, also known as the parallel market, witnessed some fluctuations on Monday, 14th August 2023. According to sources within the Bureau De Change (BDC) sector, players in this market were buying a dollar for N940 and selling it at N945.
It’s important to highlight that the Central Bank of Nigeria (CBN) does not officially recognize or endorse the parallel market (black market) for foreign exchange transactions. The CBN has repeatedly advised individuals and businesses to approach their respective banks for legitimate forex transactions.
While the black market has its existence, its rates can be subject to volatility and are not regulated by the official channels. The CBN’s directive emphasizes the importance of adhering to legal and regulated channels for foreign exchange dealings.
As individuals and businesses navigate the currency exchange landscape, it’s advisable to stay informed about official rates and guidelines set by the Central Bank to ensure transparency and compliance with established regulations.
Dollar to Naira Black Market Rate Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
The Central Bank of Nigeria (CBN) has threatened to sanction banks caught engaging in illegal forex sales.
Cross River Hub reports that the acting Chairman of the apex bank, Folashodun Shonubi disclosed that plans are underway to form a commission to handle such issues.
He said the commission, when formed, will be in charge of paying unscheduled visits to inspect banks who are accused of unlawfully selling dollars, noting that any bank caught will be punished.
The CBN boss spoke during a lecture titled: “Diaspora Remittances and Nigerian Economic Development” in Abuja.
He said, “We need to name and shame commercial banks involved in such malpractice.”