The latest exchange rates for the dollar against the naira in the black market have been released. As of October 25, 2024, the dollar is being bought for N1730 and sold for N1740 in Lagos’ parallel market, according to sources from Bureau De Change (BDC).
It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the black market rates and encourages individuals to conduct foreign exchange transactions through their banks.
Current Black Market Exchange Rates
- Buying Rate: N1730
- Selling Rate: N1740
CBN Official Rates
- Buying Rate: N1634
- Selling Rate: N1635
In related news, the Nigerian government, led by President Bola Tinubu, is implementing strategies to reduce reliance on the dollar within the economy. Finance Minister Wale Edun announced these plans during a Global Investors’ Forum at the World Bank/IMF annual meeting in Washington, DC. The administration aims to encourage local businesses to transact in naira, thereby increasing its demand and value.
