Dollar to Naira Exchange Rates on October 31, 2024
The black market dollar to naira exchange rate today shows continued volatility as the naira struggles amid low dollar liquidity. In Lagos’ parallel market, traders buy dollars at N1745 and sell at N1750, while the Central Bank of Nigeria (CBN) rate remains significantly lower, with buying at N1664 and selling at N1665.
The naira’s value has declined sharply, positioning it as the world’s third-worst performing currency this year, trailing only the Lebanese pound and Ethiopian birr. This depreciation, fueled by a 72% drop in dollar liquidity, underscores ongoing challenges in Nigeria’s foreign exchange market. The Finance Minister, Wale Edun, has cited increasing crude oil production as a vital step to stabilize the naira.
