Dollar to Naira Exchange Rate Today
What is today’s Dollar to Naira exchange rate on the black market, also known as the parallel market (Aboki FX)? Here’s a look at the black market rate for October 30, 2024, along with the official rates from the Central Bank of Nigeria (CBN).
Black Market Dollar to Naira Exchange Rate (Aboki Dollar Rate)
At the Lagos Parallel Market, players are buying dollars at N1743 and selling at N1748, according to Bureau De Change (BDC) sources. Please note, however, that the Central Bank of Nigeria does not recognize these parallel market rates and encourages individuals to use official banking channels for forex transactions.
| Dollar to Naira (USD to NGN) | Black Market Rate Today |
|---|---|
| Buying Rate | N1743 |
| Selling Rate | N1748 |
CBN Dollar to Naira Exchange Rate
| Dollar to Naira (USD to NGN) | CBN Rate Today |
|---|---|
| Buying Rate | N1664 |
| Selling Rate | N1665 |
Keep in mind that the actual rates for buying and selling forex may differ due to market fluctuations.
Nigeria’s Oil Price and Production Update
Nigeria’s crude oil prices dropped by 7%, reaching $72 per barrel—a decrease from $75 and below the 2024 budget benchmark of $77.96. Market reports suggest this decline is partly due to a tempered response from Israel to Iran’s recent missile attack, which initially stirred supply concerns.
The Organisation of Petroleum Exporting Countries (OPEC) reported a drop in Nigeria’s oil production to 1.324 million barrels per day (bpd) in September, down 2% from August’s 1.352 million bpd. Additionally, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) indicated that total oil output, including condensate, was at 1.544 million bpd in September, down from August’s 1.570 million bpd—a 1.7% monthly decrease.
These developments raise concerns about Nigeria’s ability to meet its 2024 budget projections amid falling oil prices and production challenges.
