Uncovering the Truth about the Dollar to Naira Exchange Rate at the Black Market
As of October 30th, 2024, the black market dollar to naira exchange rate is available below. You can exchange your dollar for naira at these rates.
What’s the Dollar to Naira Rate at the Parallel Market?
Dollar to Naira Exchange Rate Today (Black Market)
According to sources at Bureau De Change (BDC), the exchange rate for a dollar to naira at the parallel market (black market) shows buyers paying N1745 and sellers getting N1750 as of October 30th, 2024.
It’s essential to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, as it encourages individuals interested in foreign exchange transactions to go through their respective banks.
The Black Market Rate for Dollar to Naira
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1745 |
| Selling Rate | N1750 |
The Official CBN Rate for Dollar to Naira
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1664 |
| Selling Rate | N1665 |
Important Note: Please be aware that the rates you buy or sell foreign exchange may vary from what’s presented in this article, as prices fluctuate constantly.
The Nigerian naira has plummeted 70% against the US dollar this year, making it the third-worst performing currency globally, trailing only the Lebanese pound and the Ethiopian birr.
This significant decline has been driven by a lack of dollar liquidity, which decreased by 72% to $81 million, the lowest level in over a month, as of Monday.
Nigeria’s foreign exchange reserve, which reached $39.4 billion on October 24, is the highest in two years, but the country’s oil production has been hampering foreign exchange inflows.
Finance Minister Wale Edun has acknowledged the issue, emphasizing that increasing crude oil production is essential for bolstering Nigeria’s foreign exchange reserves and strengthening the naira.
