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BREAKING NEWS|TAP TO VIEW THE FULL V!DEO, FATHER ARRESTED FOR BEHE4DING HIS 1 YEAH OLD SON AND CAUSING INJURY TO HIS WIFE AND MOTHER IN-LAW.As the year draws to a close, the dollar to naira exchange rate in the Lagos parallel (black) market has surged, with traders buying a dollar for N1640 and selling at N1650 on Tuesday, December 24, 2024. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
This represents a notable shift as the market responds to fluctuating demand and limited foreign exchange supplies, especially as the festive season approaches.
According to sources within the Bureau De Change (BDC), the increasing demand for the dollar, typically seen around the holiday period for travel, imports, and business transactions, has been a major factor in the higher rates. Many individuals and businesses, unable to access foreign currency through official channels, have resorted to the black market to meet their dollar needs.
However, it’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN has repeatedly urged individuals seeking foreign exchange to approach authorized banks or exchange platforms, where the official rates are typically lower.
On the official market front, the CBN’s rates for the dollar to naira on December 24th were reported to be between N1537 and N1545, reflecting a more controlled exchange environment. While this remains significantly lower than the black market rate, it is clear that the disparity continues to create challenges for those who rely on the unofficial market to meet their currency needs.BREAKING NEWS|TAP TO VIEW THE FULL V!DEO, FATHER ARRESTED FOR BEHE4DING HIS 1 YEAH OLD SON AND CAUSING INJURY TO HIS WIFE AND MOTHER IN-LAW.
The growing gap between the official and black market rates remains a key issue for many Nigerians, and the pressure is expected to persist in the coming months as the country continues to navigate its foreign exchange challenges...Tap To Read The Full Story Here.
