As of 17th October 2024, the black market (parallel market) exchange rate for the dollar to naira in Lagos sees players buying dollars at ₦1700 and selling at ₦1705. These rates were provided by sources at Bureau De Change (BDC).
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, urging individuals to use their banks for foreign exchange transactions. The official CBN rates show a buying rate of ₦1652 and a selling rate of ₦1653.
Additionally, the Nigerian naira has been identified as one of the worst-performing currencies in Sub-Saharan Africa in 2024, with a year-to-date depreciation of 43%. This decline is attributed to increased demand for U.S. dollars in the parallel market and reduced dollar inflows.
Efforts to stabilize the naira, including the liberalization of the official exchange rate in June 2023, have not been sufficient to counter the economic challenges, such as dwindling foreign reserves and inflation.
