Dollar (USD) To Naira (NGN) Black Market Exchange Rate Update: October 26, 2024

Dollar (USD) To Naira (NGN) Black Market Exchange Rate Update: October 26, 2024What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Below are the rates for October 25, 2024, where you can exchange your dollars for Naira.....KINDLY READ THE FULL STORY HERE▶

Current Rates:

On Friday, October 25, 2024, the exchange rate for the Dollar to Naira in the Lagos Parallel Market shows that players are buying dollars at N1730 and selling them at N1740, according to sources from Bureau De Change (BDC).

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

Black Market Exchange Rate Today

•Buying Rate: N1730

•Selling Rate: N1740

CBN Exchange Rate Today

•Buying Rate: N1634

•Selling Rate: N1635

Keep in mind that actual rates for buying or selling forex may differ from those stated in this article due to market fluctuations.

Tinubu Administration’s Plans to De-dollarize the Nigerian Economy

The federal government, led by President Bola Tinubu, has announced ongoing plans to reduce the reliance on dollars within the Nigerian economy. During a Global Investors’ Forum at the World Bank/IMF annual meeting in Washington DC, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted that the current administration aims to strengthen the local currency.

Edun stated, “There is a move to de-dollarize the Nigerian economy,” emphasizing that service providers and regulators are encouraged to invoice in Naira rather than dollars. He explained that this strategy would decrease the demand for dollars while increasing the demand for Naira.

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