Black Market Exchange Rate: USD To Naira As Of October 19, 2024

Black Market Exchange Rate: USD To Naira As Of October 19, 2024What is the exchange rate for the dollar to naira in the black market, also known as the parallel market (Aboki FX)? Below is the black market rate for October 18, 2024, where you can exchange your dollars for naira.....KINDLY READ THE FULL STORY HERE▶

Black Market Exchange Rate (October 18, 2024)

In the Lagos parallel market, players are buying a dollar for N1710 and selling it for N1725 as of Friday, October 18, 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and has advised individuals looking to engage in foreign exchange to use their respective banks.

Exchange Rates Overview

Dollar to Naira Black Market Rate Today

•Buying Rate: N1710

•Selling Rate: N1725

Dollar to Naira CBN Rate Today

•Buying Rate: N1651

•Selling Rate: N1652

Please keep in mind that the rates you experience when buying or selling foreign exchange may vary from those listed here.

Economic Context

The World Bank has cautioned the Federal Government of Nigeria against reversing its ongoing economic reforms, warning that such a move could have severe repercussions. This advice follows rising public discontent regarding economic policies, particularly the removal of fuel subsidies and the unification of foreign exchange systems initiated under President Bola Tinubu.

During a press conference in Abuja for the Nigeria Development Update (NDU) report, Dr. Ndiame Diop, the World Bank Country Director for Nigeria, stated that while these reforms may cause immediate hardship, they are crucial for the country’s long-term stability. He emphasized, “Reversing these reforms would be detrimental and would spell doom for Nigeria.”

The economic landscape has significantly changed since the removal of the fuel subsidy, with petrol prices rising from ₦198 to over ₦1,000 per litre. Additionally, the naira has sharply depreciated, now trading above ₦1,700 per dollar in the parallel market, compared to just below ₦600 prior to the reforms.

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