Uncovering the Dollar to Naira Exchange Rate at the Black Market
Get the current black market exchange rate for the 1st of November and learn how to swap your dollar for naira at these rates.
Dollar to Naira Exchange Rate Today: Uncovering the Parallel Market
According to reliable sources at Bureau De Change, as of 1st November 2024, the exchange rate at the parallel market in Lagos is as follows: market players buy a dollar for N1730 and sell at N1735.
It’s important to note that the Central Bank of Nigeria does not recognize the parallel market (black market). Instead, they have directed individuals who want to engage in foreign exchange to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | N1730 |
| Selling Rate | N1735 |
The Official CBN Rate: A Different Story
| Dollar to Naira (USD to NGN) | CBN Rate Today |
|---|---|
| Buying Rate | N1669 |
| Selling Rate | N1670 |
A Word of Caution: Exchange Rates May Vary
Keep in mind that the rates you buy or sell foreign exchange may differ from what is stated here, as prices can vary.
Recently, Dangote Refinery has disputed the claims made by the Independent Petroleum Marketers Association of Nigeria (IPMAN) regarding difficulties in loading refined products from its facility.
The refinery released a statement, clarifying that it has no direct dealings with IPMAN and has not received any financial payments from them for petroleum purchases.
IPMAN’s President, Abubakar Garima, had previously claimed that despite paying ₦40 billion to the Nigerian National Petroleum Company Limited (NNPCL), members of the association were facing significant difficulties in loading gasoline from the Dangote Refinery in Lagos.
Dangote’s Group Chief Branding and Communication Officer, Anthony Chiejina, countered the IPMAN boss, explaining that the refinery can load 2,900 trucks per day and can also evacuate petroleum products by sea, urging IPMAN to follow the proper procedures as there is an abundance of fuel.
