The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1275 and sell at N1285 on Sunday 14th January 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
However, the naira appreciated to N894.90 per dollar in the official Nigerian Foreign Exchange Market (NAFEM).
Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N882.59 per dollar from N889.88 per dollar last weekend, indicating a N13.29 appreciation for the naira.
Consequently, the gap between the official and parallel market exchange rates widened to N357.41 per dollar yesterday from N339.12 per dollar last week.
The volume of dollars traded on the window increased by 39 percent to $127.93 million from $92.16 million traded last weekend.
