See the black market Dollar to Naira exchange rate for 31st August, below. You can swap your dollar for Naira at these rates.
See the black market Dollar to Naira exchange rate for 31st August, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1630 and sell at N1640 on Saturday 31st August 2024, according to sources at Bureau De Change (BDC).
Please note that 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.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1630 |
| Selling Rate | N1640 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1597 |
| Selling Rate | N1598 |
The Central Bank of Nigeria (CBN) has reinstated banks’ ability to borrow from its Standing Lending Facility (SLF) after previously suspending this option.
Naija News reports that the apex bank has also set the lending rate at 31.75 per cent.
These decisions were announced following the resolutions made during the 296th Monetary Policy Committee (MPC) meeting.
The Director of the Financial Markets Department, Omolara Duke, in a statement issued on August 26, 2024, indicated that the Monetary Policy Committee (MPC) had modified the upper limit of the standing facilities to 5.00 per cent from the previous 1.00 per cent with the Monetary Policy Rate (MPR) during its 296th meeting.
“Consequently, the suspension of the Standing Lending Facility (SLF) is hereby lifted, and Authorised Dealers should send their request for SLF through the Sceipless Securities Settlement System (S4) within the operating hours of 5 pm to 6.30 pm,” the statement noted.
Duke announced that authorized dealers can now utilize the SLF at a rate of 31.75% and can access the ILF without incurring any charges, provided they are repaid on the same day, to prevent system gridlock.
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