As of September 9, 2024, Nigeria’s black market exchange rate for the US dollar hit N1,650, while the Central Bank’s official rate stands at N1,629. Economic instability, forex shortages, and policy shifts continue to fuel the gap between official and parallel rates, signaling deep-rooted challenges in Nigeria’s economy.
As of September 9, 2024, the exchange rate in Nigeria’s black market for the US dollar has surged to N1,650 per dollar, while the buying rate is recorded at N1,640. The black market rates, which differ from the Central Bank of Nigeria’s (CBN) official rate of N1,629 per dollar, are driven by supply and demand imbalances.
These informal rates are influenced by economic pressures, foreign exchange shortages, and government policies. The disparity between the CBN's official exchange rate and the parallel market reflects the challenges Nigeria faces in managing its currency amid growing economic uncertainty.
This gap illustrates the persistent forex challenges as demand for foreign currency exceeds supply, further devaluing the naira in informal markets. The volatility in the dollar-to-naira exchange rate is a signal of ongoing economic difficulties, with the black market serving as an indicator of the naira’s actual strength in real-world transactions.
The Central Bank of Nigeria continues to grapple with these market dynamics as the naira’s value fluctuates.
