Current Black Market Exchange Rate: Dollar to Naira
If you’re looking to exchange your US dollars for Nigerian nairas, here’s the current rate at the parallel market, also known as the black market. As of November 31st, 2024, the rate is as follows:
Avoid the Banks: Get the Best Rate Here
For a dollar, you can buy nairas at a rate of N1745 and sell at N1750, according to our sources at Bureau De Change (BDC). Keep in mind that the Central Bank of Nigeria does not recognize this parallel market, as they advise individuals to approach their respective banks for foreign exchange transactions.
Black Market Rate: USD to NGN as of November 31st, 2024
| Rate | Value |
| Purchase Rate | N1745 |
| Selling Rate | N1750 |
CBN Rate: The Official Rate
| Rate | Value |
| Purchase Rate | N1650 |
| Selling Rate | N1651 |
A Word of Caution
Keep in mind that the exchange rates may vary when buying or selling foreign currency. This article is just a snapshot in time, and the rates may change by the time you need to make an exchange.
The current economic landscape in Nigeria is challenging, with many companies, both local and international, closing or relocating due to structural issues, currency instability, and high operational costs.
One of the latest companies to exit Nigeria is Pick n Pay, a South African retail giant. It has sold its 51% stake in a joint venture, a decision that aligns with the company’s restructuring efforts outside South Africa.
The CEO, Sean Summers, explained that the exit is part of the company’s plan to reorganize and focus on other markets.
Pick n Pay entered the Nigerian market in 2016, partnering with A.G. Leventis, and opened its first store in 2021. However, the exit from Nigeria reflects the significant impact of the country’s economic challenges, currency issues, and regulatory difficulties on the retail industry.
According to economist Vincent Nwani, more than 10 companies closed operations in 2020 alone, and over 20 companies have exited the country since then.
