In the latest developments in the foreign exchange market, the black market exchange rate for the Dollar to Naira, also known as the parallel market or Aboki fx, is as follows:
- Buying Rate: N1155
- Selling Rate: N1163
This reflects the rates observed on Saturday, November 25, 2023, as reported by sources at Bureau De Change (BDC) in Lagos.
It’s crucial to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals engaging in Forex transactions to approach their respective banks.
CBN Exchange Rate:
- Buying Rate: 805
- Selling Rate: 806
These rates, however, may vary based on market dynamics and individual transactions. It is essential for individuals to check with their banks for the most accurate and up-to-date rates.
In a related development, Taiwo Oyedele, Chairman of the Presidential Committee on Tax and Fiscal Policy Reform, expressed concerns about companies paying taxes and levies in foreign currency. Oyedele suggested that this practice is not beneficial to the economy, causing unnecessary demand for forex and impacting timely payments when companies face difficulties accessing foreign currencies.
The Naira’s performance in the forex market continues to face challenges, with recent reports indicating a decline in its value in the official Investor and Exporter forex window. This decline is attributed to a notable decrease of 46.77% in US Dollar supply.
