Naira Improves Against Dollar: CBN Exchange Rates Today

As of January 9, 2024, in the Lagos Parallel Market (Black Market), the exchange rate for a dollar to naira is N1235 for buying and N1240 for selling, according to Bureau De Change (BDC) sources.

CBN Rates Today:

• USD to NGN Buying Rate: 853
• USD to NGN Selling Rate: 854

It's important to note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market (black market) and advises individuals to approach their respective banks for forex transactions.

Please be aware that actual market rates may differ from those mentioned in this article due to varying prices.

Naira Strengthens Against US Dollar: CBN Initiates Forex Backlog Clearance

On January 8, 2024, the Nigerian Naira experienced an increase in value against the United States dollar in the authorized market, as reported by Africa’s First Vertically Integrated Financial Market Infrastructure Group (FMDQ).

In the official market, the Naira closed at N856.57 per $1, marking a positive shift from the previous session's N869.39 last Friday. The day commenced with a trading rate of N921.36/$ but concluded with an improved rate of N856.57/$.

This development signifies a 1.5% appreciation from the rate recorded on the previous Friday and a substantial 5.9% increase from the close of business at the end of the previous year (N907.11/$).