Dollar to Naira Exchange Rates – Black Market Overview
The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) in the black market, also known as the parallel market, remains volatile. On Wednesday, 11th September 2024, the exchange rate stood at N1655 to buy and N1665 to sell, according to Bureau De Change (BDC) sources in Lagos.
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market and advises individuals to approach banks for foreign exchange transactions.
Black Market Dollar to Naira Exchange Rate (September 12, 2024)
- Buying: N1655
- Selling: N1665
CBN Official Exchange Rate for Dollar to Naira
- Buying: N1626
- Selling: N1627
Please note that rates may vary depending on the source.
Subsidy Removal Critical for Investment, Says Tinubu
President Bola Tinubu, represented by Vice President Kashim Shettima, defended his government’s decision to remove petrol subsidies at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja.
Tinubu explained that this move was essential for freeing financial resources to invest in critical infrastructure and services. While the reform might cause short-term economic pain, it is designed to stabilize Nigeria’s macroeconomic environment, reduce inflation, and support infrastructure development.
The conference, themed “Accelerating Economic Growth and Development: The State of Play and the Way Forward,” served as a platform for discussing strategies to revitalize the Nigerian economy.
Tinubu emphasized that bold reforms are required to ensure long-term stability, calling for collaboration between the government, private sector, and civil society.
