What’s the Current Dollar to Naira Exchange Rate in the Black Market?
Get the latest rates for swapping your dollars for naira on the black market, without leaving out any details!
What’s the Dollar to Naira Rate Today in the Black Market?
The Unofficial Dollar to Naira Rate
As of October 17th, 2024, the black market, also known as the parallel market, has seen a buying rate of N1,700 for a dollar and a selling rate of N1,705. These rates are based on news sourced from Bureau De Change (BDC) operators.
Keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market and instead encourages individuals to go through authorized banks for all foreign exchange transactions.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | N1,700 |
| Selling Rate | N1,705 |
The Official Dollar to Naira Rate from the CBN
| Dollar to Naira (USD to NGN) | CBN Rate Today |
|---|---|
| Buying Rate | N1,652 |
| Selling Rate | N1,653 |
Important Note: Be aware that the exchange rates you see in the market may differ from those presented here due to fluctuations and varying prices.
Nigeria’s naira has been named as one of the worst-performing currencies in Sub-Saharan Africa for 2024. As of August 2024, the naira had depreciated by around 43%, making it one of the weakest currencies, alongside the Ethiopian birr and the South Sudanese pound.
These challenges stem from a surge in demand for U.S. dollars in Nigeria’s parallel market, coupled with limited dollar inflows and sluggish foreign exchange allocations from the central bank.
According to reports, financial institutions, non-financial end-users, and money managers driving the demand for dollars have further strained the naira.
Despite Nigeria’s efforts to reform its foreign exchange market, including the liberalization of the official exchange rate in June 2023, these measures have not been enough to stabilize the currency.
Broader economic issues, such as dwindling foreign reserves and inflationary pressures, have intensified the naira’s struggles.
