As of Tuesday, 28th November 2023, the black market exchange rate for the Dollar to Naira in Lagos’ Parallel Market stands at buying N1155 and selling N1160, according to sources at Bureau De Change (BDC).
Note: The Central Bank of Nigeria (CBN) does not officially recognize the parallel market, directing individuals engaging in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
- Buying Rate: N1155
- Selling Rate: N1160
Dollar to Naira CBN Rate Today
- Buying Rate: 820
- Selling Rate: 821
It’s crucial to be aware that individual forex transactions may vary from the rates mentioned in this article due to market fluctuations.
In related news, the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has announced the intention to increase the capital base of commercial banks in the country.
Speaking at the 58th Annual Bankers’ Dinner and the grand finale of the 60th anniversary of the Chartered Institute of Bankers of Nigeria (CIBN), Cardoso emphasized the need for Nigerian banks to have a sufficient capital base to effectively service the envisioned larger economy of a $1 trillion GDP, as targeted by the government.
He stated that the current capital adequacy may not be enough for the banking industry to support such a significant economic growth, and therefore, directives will be given to banks to increase their capital as a proactive measure.
Statement reads: “Esteemed guests, considering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy.
“It is not just about the stability of the financial system in the present moment, as we have already established that the current assessment shows stability.
“However, we need to ask ourselves: Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1.0 trillion economy in the near future? In my opinion, the answer is “No!” unless we take action.
“Therefore, we must make difficult decisions regarding capital adequacy. As a first step, we will be directing banks to increase their capital.”