Unstable Forex Market: Dollar To Naira Hits New Heights In The Black Market

Unstable Forex Market: Dollar To Naira Hits New Heights In The Black Market

The exchange rate for the dollar to naira at the black market (also known as the parallel market) has been updated for today. As of Saturday, 14th December 2024, the exchange rate…Unstable Forex Market: Dollar To Naira Hits New Heights In The Black Market

at the Lagos parallel market is as follows:

• Buying Rate: N1670
• Selling Rate: N1680

Sources from the Bureau De Change (BDC) have confirmed these figures.

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN encourages individuals to use formal channels and obtain their forex through registered banks.

Official Exchange Rate (CBN):

• Highest Rate: N1549
• Lowest Rate: N1520

Please be aware that rates may vary depending on the specific location or transaction.

CBN Clears Air on Validity of Old Naira Notes

The Central Bank of Nigeria (CBN) has clarified that both the old and new versions of the ₦1000, ₦500, and ₦200 notes will remain valid as legal tender without any deadline. This follows a Supreme Court ruling on 29th November 2023, which permits the indefinite circulation of these banknotes.

The CBN also emphasized that rumors about the expiration of old notes on 31st December 2024 are false, advising the public to disregard such claims.

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