As of October 6, 2024, the black market exchange rate for the US dollar against the Nigerian naira has reached N1,674. This stark difference from the official rate of N1,657 by the Central Bank highlights ongoing economic challenges and a persistent shortage of foreign currency in Nigeria.
As of October 6, 2024, the black market exchange rate for the US dollar (USD) against the Nigerian Naira (NGN) stands at N1,674 for 1 USD. This rate, derived from Bureau De Change (BDC) operators, reveals a stark contrast to the official rate of N1,657 set by the Central Bank of Nigeria (CBN). The black market buying rate is N1,665, while the selling rate is N1,674, indicating significant fluctuations throughout the day.
These variations reflect ongoing economic challenges and a persistent shortage of foreign exchange in Nigeria. The disparity between the official CBN rate and the black market rate illustrates the pressure on the naira, driven by supply and demand dynamics within the informal market. This gap highlights broader issues in Nigeria’s foreign exchange market, where demand often surpasses supply, leading to increased volatility.
Despite being unofficial, the black market serves as a crucial indicator of the naira's real-world value, particularly amid economic uncertainties. The continuous shifts in exchange rates point to deeper issues such as limited access to foreign currency, compounded by various domestic and international factors.
