Naira’s Value on the Rise: Dollar to Naira Exchange Rate in the Black Market
Here are the current black market exchange rates for October 25th. You can exchange your dollar for naira at these rates.
Ahead of the Game: Current Dollar to Naira Exchange Rate at the Black Market
Finding Your Way in the Market
The parallel market, or black market, has set the dollar to naira exchange rate at N1730 for buying and N1740 for selling, according to sources at the Bureau De Change. The rates may vary depending on your location and service provider.
We’d like to remind you that the Central Bank of Nigeria does not recognize the parallel market and encourages individuals to approach their respective banks for foreign exchange needs.
A Sudden Increase: Dollar to Naira Black Market Rate
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1730 |
| Selling Rate | N1740 |
Finding the CBN’s Footing in the Dollar to Naira Market
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1634 |
| Selling Rate | N1635 |
Please be aware that rates may vary, as they can differ depending on your service provider and location.
The government, under President Bola Tinubu’s leadership, has announced plans to reduce the use of dollars in the Nigerian economy.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared this information at a Global Investors’ Forum in Washington DC. He highlighted the aim to de-dollarise the economy and strengthen the local currency, the naira. This plan is part of the economic reforms being implemented by the Tinubu administration
The goal is to have service providers, regulators, and others invoice in naira rather than dollars, which could increase the value of the naira and the demand for it.
This move will further reinforce the local currency, making it a more stable and reliable choice for transactions.
