Dollar to Naira Exchange Rate Today
As of 24th September 2024, here are the black market (parallel market) rates for Dollar to Naira transactions. At Lagos’ Parallel Market, a dollar is bought at N1660 and sold at N1665, according to Bureau De Change (BDC) sources.
Note: The Central Bank of Nigeria (CBN) does not officially recognize the black market and advises individuals seeking foreign exchange to consult their banks.
Black Market Dollar to Naira Rates (Aboki FX):
- Buying Rate: N1660
- Selling Rate: N1665
CBN Official Rates:
- Buying Rate: N1587
- Selling Rate: N1588
Prices may differ depending on market conditions and other factors.
Nigeria’s Foreign Reserves Increase
Nigeria’s foreign reserves have seen a net inflow of $2.35 billion, helping to stabilize the naira. This was confirmed by the Finance Minister, Wale Edun, during a forum in Lagos. The increase in reserves is attributed to proactive government economic policies and steady inflows over the past seven months.
However, Edun noted that the country’s tax-to-GDP ratio remains low at 10%, with revenue-to-GDP at 15%, highlighting the need for more infrastructure spending and improved revenue generation.
