Get the latest Dollar to Naira exchange rate on the black market for May 18, 2024. The exchange rate today is N1500 for buying and N1511 for selling.
On May 18, 2024, the black market Dollar to Naira exchange rate in Lagos saw the buying rate at N1500 and the selling rate at N1511, as reported by Bureau De Change (BDC) sources. This rate reflects the ongoing challenges and dynamics within Nigeria’s informal foreign exchange market, commonly referred to as Aboki FX.
Despite the Central Bank of Nigeria (CBN) not recognizing the parallel market, it remains a significant aspect of the country's Forex landscape. The CBN encourages individuals to approach their banks for foreign exchange transactions, where the official rates are slightly higher. As of today, the CBN rate stands at N1529 for buying and N1530 for selling. The discrepancy between these rates highlights the continued volatility and speculation-driven nature of the black market.
The black market rates are driven by supply and demand dynamics, and they often fluctuate more dramatically than the official rates. This disparity poses a challenge for both consumers and businesses who rely on foreign exchange for various transactions. The higher black market rates can significantly impact import costs, pricing of goods, and overall economic stability.
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