As of October 1, 2024, the dollar to naira exchange rate in the black market, also known as the parallel market, shows that Bureau De Change operators in Lagos are buying a dollar for ₦1,695 and selling it for ₦1,700. The Central Bank of Nigeria (CBN) maintains a different rate, with the official rate at ₦1,600 for buying and ₦1,601 for selling.
It’s important to note that the CBN does not recognize black market rates and advises individuals to conduct Forex transactions through banks.
In other economic news, the Nigeria Extractive Industries Transparency Initiative (NEITI) reported that oil companies owe the Nigerian government $6.17 billion in unpaid royalties and taxes. This debt includes $6.071 billion owed in royalties and gas flare penalties and additional amounts for petroleum profit taxes, company income taxes, and VAT.
