Dollar to Naira Exchange Rates: Black Market vs. CBN Rates for August 30, 2024

Dollar to Naira Exchange Rate Today: What You Need to Know

If you’re keeping an eye on the dollar to naira exchange rates, here’s a snapshot of today’s figures from the black market, also known as the parallel market (Aboki fx), and the Central Bank of Nigeria (CBN).

Black Market Dollar to Naira Exchange Rate

As of August 30, 2024, the exchange rate in the Lagos Parallel Market (Black Market) is as follows:

• Buying Rate: ₦1610 per dollar
• Selling Rate: ₦1620 per dollar

These rates are based on information from sources at Bureau De Change (BDC). It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize these parallel market rates. The CBN advises individuals to conduct forex transactions through their respective banks.

CBN Dollar to Naira Exchange Rate

For those engaging with official channels, the CBN rates today are:

• Buying Rate: ₦1602 per dollar
• Selling Rate: ₦1603 per dollar

Key Points to Remember:

• Variations: The rates you encounter in the market may differ from those mentioned here due to fluctuations and regional differences.
• Official Guidance: The CBN’s rates are typically more stable and are recommended for those using formal financial services.

Stay informed and make sure to check current rates with your financial institution before making any forex transactions.