Slug: dollar-naira-black-market-exchange-rate-october-19-2024
As of 19th October 2024, the black market exchange rate for Dollar to Naira in Lagos stands at ₦1710 for buying and ₦1725 for selling. These rates, obtained from sources at Bureau De Change (BDC) operators, reflect the ongoing depreciation of the Naira.
In contrast, the Central Bank of Nigeria (CBN) official rate for Dollar to Naira is lower, with a buying rate of ₦1651 and a selling rate of ₦1652. The CBN continues to discourage the use of the parallel market and advises individuals to approach their banks for foreign exchange transactions.
The World Bank recently urged Nigeria’s government not to reverse economic reforms, including the removal of fuel subsidies and multiple exchange rates, despite public hardship. These reforms, though painful, are viewed as essential for long-term economic stability.
Please note that exchange rates may vary depending on location and market conditions.
