- Dollar exchanged at ₦1,395 selling rate in parallel market
- CBN official window recorded highest dollar rate at ₦1,366
- Forex rates continue to fluctuate across Nigerian currency markets
The Dollar to Naira exchange rate remained a major focus for traders and businesses on Saturday as demand for foreign exchange continued across Nigeria’s parallel and official currency markets.
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EKO HOT BLOG reports that at the black market, also known as the parallel market or Aboki FX, the United States Dollar exchanged at an average selling rate of ₦1,395, while buyers purchased the dollar at ₦1,385, according to Bureau De Change operators in Lagos.
The Central Bank of Nigeria has continued to maintain that it does not recognise the black market and has advised individuals seeking foreign exchange transactions to use commercial banks and official channels.
Dollar To Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1,395
Buying Rate ₦1,385
Dollar To Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1,366
Lowest Rate ₦1,355
The exchange rate at the official CBN window showed slight fluctuations compared to rates obtainable in the parallel market, reflecting continued pressure on Nigeria’s foreign exchange market.
Financial analysts have repeatedly stressed the need for improved forex liquidity, increased export earnings, and stronger investor confidence to stabilise the naira against major foreign currencies.
It should, however, be noted that foreign exchange rates may vary depending on location, volume of transaction, and market conditions at the time of exchange.
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