Exchange Rate Alert: Black Market Dollar (USD) To Naira (NGN) On October 18, 2024

Exchange Rate Alert: Black Market Dollar (USD) To Naira (NGN) On October 18, 2024What is the dollar to naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Below are the latest rates for October 17, 2024, where you can exchange your dollars for naira.....KINDLY READ THE FULL STORY HERE▶

Black Market Rates for Dollar to Naira

•Buying Rate: N1700

•Selling Rate: N1705

These rates were reported from players in the Lagos parallel market, according to sources at Bureau De Change (BDC).

It’s important to 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.

CBN Exchange Rates for Dollar to Naira

•CBN Buying Rate: N1652

•CBN Selling Rate: N1653

Please be aware that actual rates for buying or selling forex may vary from those listed here due to market fluctuations.

Naira Performance Overview

According to the World Bank, the Nigerian naira is among the weakest-performing currencies in Sub-Saharan Africa for 2024. As of August 2024, the naira had depreciated approximately 43% year-to-date, ranking alongside the Ethiopian birr and South Sudanese pound.

This decline is largely attributed to increased demand for U.S. dollars in Nigeria’s parallel market, coupled with limited dollar inflows and slow foreign exchange allocations from the central bank. The demand from financial institutions, non-financial users, and money managers has further pressured the naira.

Despite efforts to reform the foreign exchange market, including the liberalization of the official exchange rate in June 2023, these initiatives have not sufficiently stabilized the currency. Broader economic issues, such as dwindling foreign reserves and inflationary pressures, have exacerbated the naira’s challenges.

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