The black market exchange rate for the dollar to the naira stands at N1540 for buying and N1550 for selling on July 10, 2024. This rate is sourced from Bureau De Change (BDC) operators in Lagos. It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, advising individuals to approach their banks for official forex transactions.
In contrast, the CBN rate for the dollar to naira is slightly higher, with buying at N1548 and selling at N1549. The rates in the parallel market may vary, making it essential for individuals engaging in forex transactions to confirm the current rates before proceeding.
In other financial news, the NGX Regulation has suspended trading in the stocks of eight companies, including Unity Bank and NPF Microfinance Bank, due to their failure to submit their 2023 financial statements. This suspension took effect immediately, as announced by Godstime Iwenekhai, Head of the Issuer Regulation Department.
