As of October 12, 2024, the black market exchange rate for the US dollar to the Nigerian naira is N1,695 for buying and N1,700 for selling in Lagos. The Central Bank of Nigeria’s official rates remain significantly lower, highlighting ongoing economic challenges and currency volatility in Nigeria.
As of October 12, 2024, the black market exchange rate for the US dollar to the Nigerian naira has been reported at N1,695 for buying and N1,700 for selling in Lagos. This information comes from sources within the Bureau de Change (BDC), highlighting ongoing volatility in the currency market.
The Central Bank of Nigeria (CBN) continues to disavow the black market, advising individuals to conduct foreign exchange transactions through licensed banks. In contrast, the official CBN rates for the dollar stood at N1,625 for buying and N1,626 for selling.
These discrepancies between the black market and official rates reflect the ongoing economic challenges in Nigeria, with the black market often offering rates significantly higher than those set by the CBN. This situation has led many individuals and businesses to turn to the parallel market for their forex needs, despite the risks involved.
The gap between the two rates raises concerns about inflation and the overall economic climate in Nigeria. Many are watching these developments closely, as they could have implications for pricing, imports, and overall financial stability.
As the dollar-naira exchange rate continues to fluctuate, customers are encouraged to stay informed and consult reliable sources for the latest rates, as prices may vary from those reported.
