Parallel Market Rate Sits at N1165 per Dollar
As of November 23, 2023, the black market exchange rate for the Dollar to Naira remains in focus, reflecting the dynamics of the parallel market. Here are the latest figures for the Dollar to Naira exchange rate in the parallel market:
- Buying Rate: N1155
- Selling Rate: N1165
These rates imply that players in the Lagos Parallel Market (commonly known as the black market or Aboki FX) are buying a dollar for N1155 and selling it at N1165. It’s important to note that these figures can fluctuate due to various factors influencing the foreign exchange market.
The Central Bank of Nigeria (CBN) officially maintains a different rate, and individuals engaging in forex transactions are directed to approach their respective banks. As of the latest CBN rates:
- CBN Buying Rate: N803
- CBN Selling Rate: N804
It’s essential to highlight that the parallel market rates may differ from those captured in this report, as rates are subject to variation.
In other economic developments, Nigeria and Germany have recently solidified significant agreements valued at $500 million. These agreements focus on collaboration in the renewable energy and gas sectors. The agreements were formalized during the 10th German-Nigerian Business Forum in Berlin, where President Bola Tinubu emphasized Nigeria’s attractiveness for foreign direct investments due to its resilient democracy.
