The official exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange is ₦1564.54 per $1 on Monday, July 22, and closed at ₦1548.76 per $1 on Tuesday, July 23, 2024.
However, the Naira is trading as high as ₦1,590 per Dollar at the black market even though the Central Bank of Nigeria (CBN) announced the unification of all segments of the foreign exchange market.
The Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Also note that the rates you buy or sell forex is different from the official rate
“The opening hours of trades shall be from 9 a.m to 4 p.m, Nigeria time.”
