Current Dollar to Naira Exchange Rate in the Parallel Market
Finding the best exchange rate for your dollar to naira conversion can be a challenge. We’ve got you covered. Here’s the latest exchange rate for 24th October 2024.
What’s the Dollar to Naira Rate in the Parallel Market Right Now?
Black Market Dollar to Naira Exchange Rate
As of 24th October 2024, the black market dollar to naira exchange rate for buying and selling is as follows:
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦1725 per dollar |
| Selling Rate | ₦1735 per dollar |
Dollar to Naira Rate Set by the Central Bank of Nigeria (CBN)
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | ₦1650 per dollar |
| Selling Rate | ₦1651 per dollar |
Important Note
Keep in mind that rates may vary depending on the Bureau De Change (BDC) and the individuals involved in the transaction.
To stay informed, stay up-to-date with the latest developments in the Nigerian economy. Nigerian authorities have recently announced plans to increase the Value Added Tax (VAT) rate from 5.5% to 15%. However, the hike will primarily affect luxury goods, and essential goods will remain exempt or have a zero rate applied.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, clarified this in an investor forum during the IMF/World Bank Annual Meetings in Washington, D.C. The proposed VAT increase will be implemented gradually and will focus on luxury items, protecting the poor and vulnerable.
The Ministry is committed to protecting the most vulnerable individuals and ensuring the proposal does not disproportionately affect the poorest and most vulnerable citizens.
Essential goods will continue to be exempt from VAT or have a zero rate applied, ensuring that the average citizen can continue to access necessary goods without added financial burden.
The Ministry will release a list of essential goods exempted from VAT at a later date to provide clarity and transparency.
