As of today, 18th October 2024, the exchange rate for the U.S. dollar to the Nigerian naira in the black market, also known as the parallel market, continues to fluctuate.
Here’s the current rate and information you need.
Dollar to Naira Exchange Rate at the Black Market:
In Lagos, where the bulk of the black market trading takes place, Bureau De Change (BDC) operators report that the dollar is being bought at ₦1,700 and sold at ₦1,705 as of Thursday, 17th October 2024.
These rates are obtained from local sources trading within the parallel market.
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market.
The CBN advises individuals and businesses to source foreign exchange through legitimate channels such as commercial banks.
Dollar to Naira Black Market Rate Today:
– Buying Rate: ₦1,700
– Selling Rate: ₦1,705
Dollar to Naira CBN Official Rate Today:
On the official side, the Central Bank of Nigeria (CBN) exchange rate is slightly lower compared to the parallel market:
– Buying Rate: ₦1,652
– Selling Rate: ₦1,653
It’s worth mentioning that the rates can vary depending on your location and the specific dealer you engage with.
The CBN continues to tighten regulations and encourages those involved in foreign exchange transactions to use official banking channels to avoid discrepancies in rates.
As the naira remains under pressure against the dollar, traders and consumers are encouraged to monitor exchange rates closely to make informed financial decisions.
