The exchange rate between the U.S. dollar and the Nigerian naira continues to fluctuate in the parallel market. As of Wednesday, 16th October 2024, the rate for a dollar in the Lagos black market stands at ₦1,695 for buying and ₦1,705 for selling, according to Bureau De Change (BDC) operators.
Black Market Dollar to Naira Exchange Rates:
- Buying Rate: ₦1,695
- Selling Rate: ₦1,705
CBN Official Dollar to Naira Exchange Rates:
- Buying Rate: ₦1,654
- Selling Rate: ₦1,655
These rates may vary slightly depending on location and demand. It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market, advising individuals to approach banks for Forex transactions.
Additionally, MTN and other business leaders have called on the Federal Government to allow for price increases in the telecommunications sector, citing the need for tariff adjustments similar to the changes seen in the petroleum and electricity sectors.
