Dollar To Naira Rate Today February 1, 2024

What is Dollar To Naira Rate Today February 1, 2024?

The Eagle reports that the Dollar To Naira exchange rate at the parallel market otherwise known as the black market trades at N1500/$ today, February 1, 2024, in Lagos and Abuja.

This is according to parallel market operators in both cities.

Naira dipped against its the USD again by N10.

In the Peer2Peer (P2P) session, the local currency trades at N1510/$ as against N1502/ it concluded trades yesterday.

READ ALSO: Dollar To Naira Rate Today January 30, 2024

Meanwhile, the Central Bank of Nigeria has ordered Deposit Money Banks to sell their excess dollar stock latest February 1, 2024.

The CBN made the disclosure in a new circular released on Wednesday, warning lenders against hoarding excess foreign currencies for profit.

The circular read in part, “The Central Bank of Nigeria has noted with concern the growth in foreign currency exposures of banks through their Net Open Position (NOP). This has created an incentive for banks to hold excess long foreign currency positions, which exposes banks to foreign exchange and other risks.”