Get the Latest Black Market Dollar to Naira Exchange Rate
Looking for the latest exchange rates for the US Dollar (USD) in Naira (NGN) at the black market? Look no further! Here’s the latest update as of October 30th, 2024.
What is the Dollar to Naira Exchange Rate Today in the Black Market?
According to sources at Bureau De Change (BDC) operators, the parallel market exchange rate for Tuesday, October 30th, 2024, is:
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | N1743 |
| Selling Rate | N1748 |
For a quick reference, here are the buying and selling rates for the day:
CBN-Approved Dollar to Naira Exchange Rate
| Dollar to Naira (USD to NGN) | CBN-Approved Rate Today |
|---|---|
| Buying Rate | N1664 |
| Selling Rate | N1665 |
Important Note:** These exchange rates are subject to change, and you may encounter different rates when buying or selling forex. This article provides a snapshot of the current market trends, but prices may vary.
Nigeria’s Crude Oil Prices Decline
Nigeria’s crude oil prices have taken a hit, with Brent crude oil falling to $72 per barrel, a significant 8.2% decline from the $75 per barrel benchmark set in the 2024 budget. This is largely due to Israel’s restrained response to Iran’s missile attack, which initially raised concerns about substantial disruptions to oil supply and pricing.
Recent reports indicate that the prices of Bonny Light and other crude oils have decreased, reflecting the impact of this global situation on the global oil market.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) also noted that Nigeria’s total oil output, including condensate, fell by 1.7% to 1.544 million bpd in September 2024, down from 1.570 million bpd in August 2024.
In light of these developments, many experts are voicing concerns about Nigeria’s ability to meet its 2024 budget projections, given the shortfalls in oil prices and production.
