As of September 18, 2024, the black market exchange rate for the US dollar against the Nigerian Naira reached N1,660. This significant disparity from the official Central Bank rate highlights ongoing economic challenges and a persistent shortage of foreign exchange in Nigeria.
As of September 18, 2024, the black market exchange rate for the US dollar (USD) against the Nigerian Naira (NGN) has reached N1,660 for one dollar. This information is primarily sourced from Bureau De Change (BDC) operators who are active in the informal foreign exchange market. The black market rates often deviate significantly from the official rates established by the Central Bank of Nigeria (CBN), reflecting the unique dynamics of supply and demand in the parallel market.
On the same day, the black market buying rate for the dollar was noted at N1,650, while the selling rate was N1,660. These rates are highly volatile and can change throughout the day due to various factors, including economic conditions, market speculation, and government policies.
The stark difference between the black market rates and the CBN's official exchange rate of N1,652 per USD highlights the ongoing economic challenges and persistent foreign exchange shortages in Nigeria. This disparity not only indicates the pressure on the naira but also emphasizes broader challenges in the forex market, where demand frequently exceeds supply.
![Today's Naira Rate[16-11-2024]: Nigerian Naira Faces Steep Decline, Parallel Market Hits N1,750/$](/data/attachments/210/210283-5e995ef978efd380c57591c54b3dddf2.jpg?hash=FHqxQvjPSE)
