The naira continued its downward slide against the dollar on Friday, July 5, 2024, as the black market exchange rate hit N1525 per dollar.
According to sources at Bureau De Change (BDC), players in the Lagos Parallel Market (Black Market) bought dollars for N1518 and sold for N1525.
This development comes despite the Central Bank of Nigeria (CBN) directing individuals to approach their respective banks for forex transactions, instead of patronizing the parallel market. The CBN does not recognize the black market, also known as the Aboki dollar rate.
As of Friday, the official CBN rate stood at N1516 for buying and N1517 for selling. However, prices vary and individuals may get different rates when buying or selling forex.
The naira’s struggles against the dollar have raised concerns about the country’s economic outlook, with many calling for urgent measures to stabilize the currency.
