As of September 10, 2024, the exchange rate for the US Dollar to Naira at the black market, also known as the parallel market (Aboki FX), is as follows:
- Buying Rate: ₦1,640 per $1
- Selling Rate: ₦1,650 per $1
These rates reflect the transactions in Lagos’ parallel market on September 9, 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals needing foreign exchange to approach their respective banks. The official CBN rates for the Dollar to Naira are slightly lower:
- CBN Buying Rate: ₦1,628 per $1
- CBN Selling Rate: ₦1,629 per $1
It is important to keep in mind that the rates you may encounter when buying or selling forex could vary from the ones provided here, as prices can fluctuate.
Opay Introduces Charges for Electronic Transfers Above ₦10,000
In a related financial update, Opay has announced that it will begin charging a one-time fee of ₦50 on electronic transfers of ₦10,000 or more, starting from September 9, 2024. This charge, known as the Electronic Money Transfer Levy (EMTL), is in compliance with Federal Inland Revenue Service (FIRS) regulations and will be directed entirely to the federal government, with no benefit to Opay.
Additionally, Opay has reiterated its strict prohibition on cryptocurrency and virtual asset trading on its platforms, emphasizing its commitment to upholding legal and regulatory obligations to ensure the integrity of the financial system.