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The Central Bank of Nigeria (CBN) has advised those interested in forex to get in touch with their particular banks before proceeding because it does not recognize the parallel market (black market).
The black market (parallel) exchange rate is always different from the CBN rate. The Nigerian economy is greatly impacted by the exchange rate between the US dollar and the Nigerian naira.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today 18th December is;
Selling Rate N745
Buying Rate N 743.
Bureau De Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account told Nairametrics that they have not been able to withdraw their funds from the bank due to tightened liquidity.
Dailynews24
