Dollar To Naira Black Market Rates: Latest Update For October 20, 2024

Dollar To Naira Black Market Rates: Latest Update For October 20, 2024As of October 19, 2024, the dollar to naira exchange rates in the Lagos parallel market are as follows: buyers are purchasing dollars at N1700 and selling at N1710, according to sources from Bureau De Change (BDC). It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the parallel market and advises individuals seeking foreign exchange to go through their banks.

Current Exchange Rates

Black Market Exchange Rate:

•Buying Rate: N1700

•Selling Rate: N1710

CBN Exchange Rate:

•Buying Rate: N1651

•Selling Rate: N1652

Please keep in mind that actual rates may vary based on the specific transaction and market conditions.

Aliko Dangote’s Wealth Surge

Aliko Dangote, President of Dangote Industries Limited, has seen his wealth soar to $27.8 billion, largely due to the success of his oil refinery. This increase of $15.1 billion, as reported by the Bloomberg Billionaires Index, positions him as the 65th richest person globally, making him the only African in the top 100.

Dangote’s rapid ascent is noteworthy; he ranked 111th as of June 30, 2023. His refinery, inaugurated in May 2023, is located in the Ibeju-Lekki free zone in Lagos and boasts a production capacity of 650,000 barrels per day. He currently ranks over 100 spots ahead of South African billionaire Johann Rupert, who is at 174th on the list.

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