On May 2nd, 2024, the exchange rate for dollars to naira in the black market witnessed a slight decline.
This market, also known as the parallel market, plays a significant role in currency exchange outside official channels.
According to reports from Bureau De Change (BDC), individuals purchasing a dollar in Lagos Parallel Market exchanged it for N1,330, while those selling it received N1,350 per dollar.
This reflects a decrease compared to the rates on May 1st, where the buying rate was N1,340, and the selling rate was N1,360.
The Central Bank of Nigeria (CBN) has consistently emphasized that it does not recognize transactions in the parallel market.
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Instead, it has directed individuals interested in foreign exchange to approach authorized banks.
It is important to note that the rates mentioned above may vary, as individuals engaging in forex transactions are advised to anticipate potential differences in prices.
For those seeking to exchange dollars for naira, the black market offers rates of N1,330 for buying and N1,350 for selling as of May 2nd, 2024.
