Today's Dollar to Naira Exchange Rate26 August 2024

Today's Dollar to Naira Exchange Rate

26 August 2024

As of today, the exchange rate for the U.S. dollar to the Nigerian naira at the Lagos Parallel Market, also known as the black market, is around N1600 for buying and N1610 for selling, according to sources from the Bureau De Change (BDC). This rate reflects the market dynamics where individuals and businesses buy and sell foreign currency outside the official banking channels.

However, it's important to note that the Central Bank of Nigeria (CBN) does not officially recognize or support transactions conducted on the parallel market. The CBN advises that anyone in need of foreign exchange should go through their respective banks for transactions, as these are the legally sanctioned channels.

On the official front, the CBN's exchange rate for the dollar to naira stands at N1591 for buying and N1592 for selling. These rates provided by the CBN are generally more stable and regulated compared to the fluctuating rates found in the parallel market.

Keep in mind that the rates at which you buy or sell foreign exchange may vary slightly from those mentioned here, as forex prices can fluctuate based on a variety of factors, including demand and supply, market conditions, and the specific provider you are dealing with.