About the Black Market Dollar to Naira Exchange Rate
The black market, also known as the parallel market, is where individuals can swap their dollars for naira at variable exchange rates. Here, you can see the current rates in operation on October 12th, 2024.
What’s the Current Dollar to Naira Rate in the Parallel Market?
At the black market, parallel market, players are buying dollars for N1690 and selling for N1700, according to sources from the Bureau De Change (BDC). Please note that the Central Bank of Nigeria (CBN) does not recognize this market, and instead, it advises individuals to approach their banks if they want to engage in foreign exchange transactions.
A Comparison of the Black Market and Official Exchange Rates
| Exchange Rate | Black Market | Official (CBN) Market |
|---|---|---|
| Buying Rate | N1690 | N1625 |
| Selling Rate | N1700 | N1626 |
Important Note on Exchange Rates
Please be aware that the rates you buy or sell foreign exchange may differ from those listed here, as prices can fluctuate.
Recent Fuel Price Hike
According to petroleum marketers, the recent fuel price rise by the Nigerian National Petroleum Company Limited (NNPC) is due to the complete removal of subsidies on Premium Motor Spirit (petrol). As a result, the pump price has increased to N1,030 per litre in Abuja and N998 per litre in Lagos, as confirmed by Chinedu Ukadike, the Independent Petroleum Marketers Association of Nigeria’s spokesperson.
This development follows a previous price adjustment, where the pump price jumped from N617 to N897 per litre, and now, it has further increased to the current prices.
