Black Market Dollar to Naira Exchange Rate
As of Saturday, November 16, 2024, the Dollar to Naira exchange rate in Lagos’ parallel market (Black Market) was:
- Buying Rate: ₦1,740 per $1
- Selling Rate: ₦1,745 per $1
Please note that these rates can vary depending on the location and source. The Central Bank of Nigeria (CBN) does not acknowledge the black market for Forex transactions and recommends using official banking channels.
Official CBN Dollar to Naira Exchange Rate
- Buying Rate: ₦1,657 per $1
- Selling Rate: ₦1,658 per $1
Rising Inflation in Nigeria
Nigeria’s inflation rate has surged to 33.88% in October 2024, up from 32.70% in September, driven by increasing food and fuel prices. The National Bureau of Statistics (NBS) noted that food inflation rose sharply to 39.16% in October, compared to 37.77% the previous month.
A key contributor to this inflation spike has been the significant rise in petrol prices, which reached over ₦1,030 per litre in October from ₦617 per litre in August 2024.
