Current Black Market Dollar to Naira Exchange Rate
Check out the latest exchange rate for the parallel market, also known as the black market, for November 12th, 2024. You can exchange your dollars for naira at these rates.
What’s the Dollar to Naira Rate Today?
Black Market Dollar to Naira Exchange Rate: Aboki FX
As of November 12th, 2024, according to sources at Bureau De Change (BDC), the Lagos parallel market is buying dollars at N1730 and selling at N1740. This rate is based on data from Bureau De Change (BDC).
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, and individuals looking to engage in Forex transactions are advised to approach their respective banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1730 |
| Selling Rate | N1740 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1687 |
| Selling Rate | N1688 |
Important Note
The rates you buy or sell Forex may vary, as prices can fluctuate.
A recent report has highlighted a significant surge in the cost of building materials, with prices increasing by over 100% in the last year. This has caused disruptions in the construction industry, posing challenges for large-scale developers and homeowners.
The factors contributing to this increase include disruptions in the supply chain, rising labor costs, and wholesalers raising prices compared to factory rates.
A report by Daily Trust found that cement prices have skyrocketed from ₦4,000 to ₦8,800 per bag, representing a 100% increase. Blocks, which previously cost ₦250 each, are now between ₦550 and ₦600 depending on the size. Iron rods, ranging from 10mm to 16mm, have increased from ₦800,000 per ton to ₦1,600,000 per ton or more, depending on the company.
The cost of paints has also risen, with a big rubber now costing between ₦46,000 and ₦50,000, up from ₦23,000 to ₦25,000 previously.
