As of September 3, 2024, the black market exchange rate for the US dollar to Nigerian naira reached N1,635. This rate reflects a significant disparity with the Central Bank's official rate of N1,590.42, highlighting ongoing economic challenges and currency volatility in Nigeria's foreign exchange market.
As of September 3, 2024, the exchange rate for the US dollar against the Nigerian naira in the black market has soared to N1,635 per USD. This figure comes from reports by Bureau De Change (BDC) operators, who provide key insights into the informal foreign exchange landscape.
In comparison, the Central Bank of Nigeria (CBN) maintains an official rate of N1,590.42 per USD. On the same day, the black market recorded a buying rate of N1,630 and a selling rate of N1,635. Fluctuations in these rates are influenced by various factors, including economic conditions, market speculation, and government interventions. The stark contrast between the official CBN rate and the black market rates highlights the challenges Nigeria faces regarding foreign exchange availability.
The persistent gap indicates underlying economic difficulties and a scarcity of foreign currency, which continues to strain the naira. Moreover, the black market serves as a practical indicator of the naira's real value, especially during times of economic instability. These ongoing exchange rate fluctuations reveal deeper economic issues that impact the foreign exchange market and reflect the efforts of the CBN to stabilize the naira amidst significant pressure.
