Current Black Market Dollar to Naira Exchange Rate
Get the latest black market dollar to naira exchange rate for November 7th, 2024. This rate applies to transactions between individuals at the parallel market.
What’s the Current Dollar to Naira Rate?
Black Market Dollar to Naira Exchange Rate: November 7th, 2024
According to sources at Bureau De Change (BDC), the exchange rate for a dollar to naira at Lagos’ parallel market players is as follows: buyers pay N1735 and sellers receive N1750 per dollar.
It’s essential to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, and instead advises individuals to engage in foreign exchange transactions through their respective banks.
Black Market Dollar to Naira Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1735 |
| Selling Rate | N1750 |
CBN Dollar to Naira Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1680 |
| Selling Rate | N1681 |
Please note that the rates you buy or sell forex may vary from what is presented here, as prices can fluctuate.
Rice prices have experienced a significant surge over the past year. According to the National Bureau of Statistics (NBS), the average price of a 50kg bag of imported rice increased from ₦49,103 in September 2023 to ₦120,193 in September this year, representing a 144.77% rise.
The cost per kilogram of imported rice also rose by 3.21%, from ₦2,329.05 in July to ₦2,403.86 in September. This is a substantial increase from ₦982.07 per kilogram a year ago, indicating a more than twofold rise.
Other types of rice have also seen price increases. The cost of loose agricultural rice went up from ₦1,882.39 in July to ₦1,965.64 in September, marking a 4.42% increase. On a year-over-year basis, this represents a 146.33% rise from ₦797.98. Nasarawa recorded the highest price at ₦3,050.33 per kilogram, while Benue had the lowest at ₦1,314.13.
