Current Dollar to Naira Exchange Rate in the Black Market (Parallel Market)
For those looking to swap their dollars for naira, here’s the current black market rate on November 27th, 2024.
What’s the Dollar to Naira Rate in the Black Market Today?
Black Market Dollar to Naira Exchange Rate as of November 27th, 2024
According to sources, Bureau De Change (BDC) operators are buying dollars at N1745 and selling at N1750 in Lagos, the commercial hub of Nigeria, as of November 27th, 2024.
It’s essential to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals looking to engage in foreign exchange transactions to approach their respective banks.
Current Black Market Rate
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate |
| Buying Rate | N1745 |
| Selling Rate | N1750 |
CBN Authorized Rate for Buying and Selling
| Dollar to Naira (USD to NGN) | CBN Rate |
| Buying Rate | N1678 |
| Selling Rate | N1679 |
Remember that foreign exchange rates may vary depending on the individual and the exchange service provider, so these rates are only a guide.
In related news, the National Bureau of Statistics (NBS) has reported that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in the third quarter of 2024, driven primarily by the service sector.
This growth rate represents an increase from the 2.54% recorded in the third quarter of 2023 and the 3.19% recorded in the second quarter of 2024.
“The report highlights that Nigeria’s Gross Domestic Product (GDP) grew by 3.46% in real terms in the third quarter of 2024, exceeding growth rates in the previous quarter and the same period in 2023.“
The report also reveals that the third quarter GDP growth was mainly driven by the service sector.
