Curious about the Dollar to Naira rate in Nigeria’s black market? Here’s the latest update:
As of November 10, 2024, black market traders in Lagos buy a dollar for N1725 and sell it at N1735. It’s worth noting that the Central Bank of Nigeria (CBN) does not officially recognize these parallel rates and advises individuals seeking foreign exchange to use authorized banks.
Exchange Rates Summary:
- Black Market Rate
- Buying: N1725
- Selling: N1735
- CBN Official Rate
- Buying: N1654
- Selling: N1655
Additionally, financial expert Bismarck Rewane has forecasted a potential surge in petrol prices up to N1,200 per liter and a naira value of N1,550 to the dollar by January 2025. He attributes this to potential global crude price shifts, which may impact fuel distribution costs and forex revenue.
Rewane also commented on the anticipated role of the Dangote Refinery, clarifying that while it might improve availability, it may not bring immediate price stability due to its global pricing model.