Dollar to Naira Black Market Exchange Rate for 24th October 2024
The exchange rate between the US dollar and the Nigerian naira on the black market (also known as the parallel market or Aboki FX) has been updated. Below are the rates as of 23rd October 2024, where traders at the Lagos parallel market are buying dollars at N1723 and selling at N1728, according to Bureau De Change sources.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals seeking foreign exchange (Forex) to approach their banks directly.
Black Market Dollar to Naira Rate (USD to NGN) as of 23rd October:
- Buying Rate: N1723
- Selling Rate: N1728
Official CBN Dollar to Naira Rate:
- Buying Rate: N1655
- Selling Rate: N1656
Please note that actual buying and selling rates may differ slightly due to market fluctuations.
MTN Nigeria Warns of Potential Shutdown Without Tariff Increase
In other news, MTN Nigeria has warned that it may be forced to shut down if there is no review of the country’s policies allowing for an increase in tariffs. This was revealed by MTN’s CEO, Karl Toriola, during a visit by participants of the Media Innovation Programme to the company’s facilities in Ibeju-Lekki, Lagos.
Toriola emphasized the significant financial losses the telecommunications sector has been experiencing, affecting their ability to sustain operations. He stressed the urgent need for measures to restore profitability.
MTN’s 2023 Sustainability Report indicated that the company has invested ₦2.6 billion in corporate social initiatives and is currently relying on profits accumulated over the past 20 years to stay operational.