Parallel Market Exchange Rate: What’s the Current Dollar to Naira Value?
Get the latest black market exchange rate for dollars and nairas as of November 18th, 2024. Use these rates to swap your dollars for nairas.
How Much is a Dollar Worth in Naira Today?
Dollar to Naira Exchange Rate: Current Black Market Rates
In the Lagos parallel market, sources at Bureau De Change report that, as of Monday, November 18th, 2024, the exchange rate for dollars to nairas stands at:
- Banks buy a dollar at N1735
- Banks sell a dollar at N1740
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals who want to engage in forex transactions to approach their respective banks.
Black Market Exchange Rate for Dollars to Nairas
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate |
| Buying Rate | N1735 |
| Selling Rate | N1740 |
CBN-Determined Dollar to Naira Exchange Rate
| Dollar to Naira (USD to NGN) | CBN-Determined Rate |
| Buying Rate | N1682 |
| Selling Rate | N1683 |
Keep in Mind
Rates may vary depending on the provider and the location. This article only captures a snapshot of the exchange rates.
The International Monetary Fund’s latest report on Sub-Saharan Africa has highlighted Nigeria’s struggles with broad-based economic reforms. The report revealed that, 18 months after the introduction of these reforms, they have yet to yield the desired results.
Stakeholders in the food sector also argue that these reforms have failed to improve the basic necessities of life in Nigeria.
The report did recognize progress in some nations, such as Côte d’Ivoire, Ghana, and Zambia, but Nigeria was notably absent from the list of success stories.
Instead, the report highlighted Nigeria as struggling to meet reform targets, with its projected economic growth rate of 3.19% for 2024 falling below the regional average of 3.6%.
According to IMF Deputy Director Catherine Patillo, macroeconomic imbalances in the region are easing, but Nigeria remains excluded from this positive trend.
She emphasized significant fiscal consolidation efforts across two-thirds of the region, with improvements seen in countries like Ghana and Zambia, while Nigeria lags behind.
Inflation remains a significant challenge for Nigeria. After briefly slowing down in July and August, inflation resumed an upward trend in September and October, with analysts predicting continued increases through the end of the year.
