CBN takes stand against dollar black market rates

In a decisive move, the Central Bank of Nigeria ,CBN, has declared that it does not recognize the parallel market ,black market, exchange rates.

it has urged individuals involved in foreign currency transactions to consult their banks.

This statement comes as the CBN aims to maintain control over the exchange rate, emphasizing its commitment to stabilizing the Nigerian economy.

The disparity between the official CBN exchange rate and the rates prevalent in the parallel market has long been a concern.

The CBN has underscored the importance of Nigerians working collectively to address economic challenges, proposing measures such as boosting exports to achieve a substantial economic turnaround.

The exchange rate between the US dollar and the Nigerian naira plays a significant role in the country’s economic landscape. Inflation, closely tied to the Naira’s value, impacts the populace, making the stability of the exchange rate a crucial aspect of economic management.

The CBN has consistently advocated for Nigerians to engage with authorized financial institutions for their foreign currency transactions. By doing so, individuals can align with official rates, as opposed to potentially higher rates prevalent in the parallel market.

In essence, the CBN’s stance underscores its commitment to fostering economic stability and curbing practices that contribute to exchange rate volatility.

As the CBN encourages citizens to explore avenues like expanding exports to strengthen the economy, the declaration against parallel market rates reinforces the need for a unified approach to economic challenges.

Today’s Dollar to Naira black market rate

This is the rate at which Aboki/Bureau De Change (BDC) is selling and buying US dollars in Abuja, Kano, and Lagos.

There may be minor differences in parallel (unofficial) markets.

Today’s Pounds to Naira black market rate

This is the rate at which Aboki/Bureau De Change (BDC) are currently selling and buying The Great British Pounds currency (Pounds) in Abuja, Kano, and Lagos. There may be minor differences in parallel (unofficial) markets.

Today’s CAD to Naira black market rate

This is the rate at which Aboki/Bureau De Change (BDC) is selling and buying Canadian Dollar currency (Euro) in Abuja, Kano, and Lagos.

There may be minor differences in parallel (unofficial) markets.

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