Today’s Black Market Exchange Rate: USD To NGN For November 1, 2024

Today’s Black Market Exchange Rate: USD To NGN For November 1, 2024What is the current exchange rate for the dollar to naira in the black market, also known as the parallel market (Aboki fx)? Below is the exchange rate for November 31.

In the Lagos parallel market, the buying rate for a dollar is N1,745, while the selling rate is N1,750, according to sources from Bureau De Change (BDC). It’s important to note that the Central Bank of Nigeria (CBN) does not recognize this parallel market and recommends that individuals seeking foreign exchange should go through their banks.

Dollar to Naira Black Market Rates Today

•Buying Rate: N1,745

•Selling Rate: N1,750

CBN Dollar to Naira Rates Today

•Buying Rate: N1,650

•Selling Rate: N1,651

Please be aware that the rates for buying or selling foreign currency may differ from those mentioned here due to fluctuations in the market.

List of Companies Exiting Nigeria (2020-2024)

Nigeria has seen an increasing number of companies, both multinational and local, shut down or relocate due to ongoing economic challenges, currency instability, and rising operational costs. Recently, South African retail giant Pick n Pay announced its exit from Nigeria, selling its 51% stake in a joint venture.

Pick n Pay’s CEO, Sean Summers, stated that this decision aligns with the company’s restructuring efforts outside South Africa. The company initially partnered with A.G. Leventis (Nigeria) in 2016 and opened its first Nigerian store in 2021, operating two locations before its exit.

According to economist Vincent Nwani, a former Director of Research and Advocacy at the Lagos Chamber of Commerce and Industry, over 10 companies ceased operations in 2020 alone, with more than 20 companies leaving the country in recent years.

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