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The Lagos parallel market continues to be a major hub for currency exchange. Understanding the difference between the buying and selling rates is essential for getting the best value for your money today.
If you have Dollars and want Naira, traders will "buy" from you at ₦1400. If you need to "buy" Dollars from them, the price is ₦1420.
This unofficial rate is often higher than the bank rate because it depends on the immediate supply and demand of cash on the streets.
Using the CBN official window can save you money, as the rates stay between ₦1373 and ₦1388, but banks often have stricter requirements for documentation.
Currency prices are "volatile," meaning they move up and down quickly. Always confirm the final price before handing over your cash.
