Today’s Black Market Dollar to Naira Exchange Rate: What You Need to Know
Looking for the current black market dollar to naira exchange rate? Find out where to buy and sell the US dollar in Nigeria, including the rates you can expect.
What’s the Going Rate for a Dollar in Nigeria’s Parallel Market?
Dollar to Naira Exchange Rate in the Black Market: A Closer Look
As of October 18th, 2024, the Lagos parallel market saw a buy rate of ₦1,710 per dollar and a sell rate of ₦1,725, according to sources at Bureau De Change (BDC). However, please note that the Central Bank of Nigeria does not recognize this market.
For a legitimate and regulated exchange, the Central Bank advises individuals to approach their respective banks for foreign exchange.
Dollar to Naira Black Market Rate: Buy and Sell Rates at a Glance
| Buying Rate (Buy) | ₦1,710 |
| Selling Rate (Sell) | ₦1,725 |
Dollar to Naira Official CBN Rate: For a Legitimate Exchange Experience
| Buying Rate (Buy) | ₦1,651 |
| Selling Rate (Sell) | ₦1,652 |
A Word of Caution: Exchange Rates May Vary
Keep in mind that exchange rates may differ from what is listed here, as prices vary. The World Bank warns that the Nigerian government’s economic reforms, including the removal of fuel subsidies, may cause immediate hardship but are crucial for long-term stability.
The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, emphasized that reversing these reforms would have severe negative consequences, stating, “Reversing these reforms would be detrimental and would spell doom for Nigeria.”
The economic landscape has dramatically shifted since the removal of the fuel subsidy, resulting in a surge in pump prices and a significant depreciation of the naira.
As of now, the naira trades at over ₦1,700 for one dollar in the parallel market, compared to just below ₦600 prior to the reforms.
