By Milcah Tanimu
The Dollar to Naira exchange rate at the black market today, 5th June 2024, is as follows:
- Buying Rate: N1480
- Selling Rate: N1500
These rates are sourced from Bureau De Change (BDC) operators in Lagos.
The Central Bank of Nigeria (CBN) does not recognize the black market and directs individuals seeking foreign exchange to approach their banks. For today, the official CBN rates are:
- Buying Rate: N1473
- Selling Rate: N1474
Note that the rates at which you buy or sell forex might differ slightly from the rates mentioned, as they can vary.
In related financial news, the CBN has revoked the operational license of Heritage Bank due to its continued poor financial performance and lack of recovery prospects. This decision has caused concern among customers, who fear for their deposits. Dr. Uju Ogunbunka, President of the Bank Customers’ Association of Nigeria (BCAN), expressed dismay over the situation, acknowledging that customers might not receive the full amount of their deposits. The CBN’s acting Director of Corporate Communications, Hakama Sidi Ali, explained that the revocation was necessary due to the bank’s ongoing struggles and threats to financial stability.
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