As of September 9, 2024, the black market exchange rate for the US dollar to the Nigerian naira stands at N1,650. The rate varies from the Central Bank of Nigeria's official exchange rate of N1,629, reflecting growing economic challenges, currency shortages, and pressures on Nigeria's forex market.
As of September 9, 2024, the black market exchange rate for the US dollar to the Nigerian Naira stands at N1,650 per USD. The buying rate is slightly lower at N1,640, and these rates fluctuate throughout the day based on supply, demand, and economic conditions.
Bureau De Change (BDC) operators provide these figures, which tend to differ from the Central Bank of Nigeria's (CBN) official rate of N1,629 per USD. The growing disparity between official and parallel market rates reflects Nigeria's ongoing economic challenges, including a shortage of foreign exchange and increasing pressure on the naira.
The black market continues to serve as a vital indicator of the naira's real-world value, particularly in times of economic uncertainty.
