The Ever-Changing Dynamics of the Black Market: Dollar to Naira Exchange Rate
The unrelenting fluctuations in the dollar to naira exchange rate continue to make headlines, with the latest update from the parallel market revealing a new price point. As of October 16th, 2024, the current rate stands at N1695 for buying and N1705 for selling.
A Peek into the Black Market
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1695 |
| Selling Rate | N1705 |
CBN’s Stance on the Parallel Market
It’s essential to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, encouraging individuals wishing to engage in foreign exchange transactions to approach their respective banks. Therefore, there is a distinct difference between the black market and the official CBN rate.
CBN Exchange Rate
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1654 |
| Selling Rate | N1655 |
A Word of Caution
When it comes to buying or selling foreign currency, please be aware that prices may vary, and the rates listed here may not be the same as what you encounter. It is crucial to stay informed and up-to-date with the latest developments in the market.
Big Business Leaders’ Concerns
The difficulties faced by multinational businesses, such as MTN Nigeria, have sparked concerns about the current economic environment. During a recent panel discussion at the 30th Nigerian Economic Summit, Modupe Kadri, MTN’s Chief Financial Officer, highlighted the challenges the company has faced.
The high inflation rates and foreign exchange fluctuations have significantly impacted the company’s ability to operate efficiently. Kadri emphasized the need for a fair and competitive environment to ensure businesses like MTN can thrive in the nation.
He also questioned why the government has not allowed telecommunications operators to increase their prices to reflect the current economic situation, stating that this policy needs to be reviewed. Operators have not been granted permission to adjust their pricing in over ten years, which has hindered the sector’s growth.
Kadri emphasized that if the government does not address these issues, businesses like MTN may struggle to survive, let alone thrive. The telecommunications industry contributes a significant 16% to the nation’s GDP, making it a vital sector to be taken seriously.
