Latest Black Market Dollar to Naira (NGN) Exchange Rate on October 10, 2024

Current Dollar to Naira Exchange Rate in the Black Market:

On Wednesday, October 9, 2024, the exchange rate in the Lagos Parallel Market (Black Market) shows that players are buying a dollar for ₦1,685 and selling it for ₦1,695, according to sources from Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals seeking to engage in foreign exchange to approach their respective banks.

Dollar to Naira Black Market Rate Today:

•Buying Rate: ₦1,685

•Selling Rate: ₦1,695

CBN Dollar to Naira Rate Today:

•Buying Rate: ₦1,589

•Selling Rate: ₦1,590

Keep in mind that the rates at which you buy or sell foreign exchange may differ from those stated in this article due to price variations.

CBN Reassures Nigerians on Deposit Safety Amid Withdrawal Rumors

In a recent statement, the Central Bank of Nigeria (CBN) has assured citizens that all funds deposited in Nigerian banks are secure, emphasizing its commitment to maintaining a stable financial system. Acting Director of Corporate Communications, Hakama Ali, reaffirmed the CBN’s dedication to ensuring the resilience and reliability of the country’s financial sector, following public concerns spurred by rumors about certain banks facing license revocation.

This reassurance comes in response to recent circulating rumors advising customers of specific banks to withdraw their funds, claiming that the CBN had revoked the licenses of these institutions.

The CBN stated, “We actively ensure that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress tests are conducted to identify potential vulnerabilities, ensuring that our financial institutions remain resilient.”

Additionally, the CBN has implemented Early Warning Systems to proactively detect and address emerging risks, allowing for timely solutions to any anticipated issues. Their Risk-Based Supervision approach focuses regulatory efforts on institutions that may pose the highest risk to the financial system, maintaining robust oversight while promoting the overall health of the banking sector.

The CBN reiterated its commitment to fostering a secure banking environment where depositors can have full confidence in the safety of their funds. It will continue to monitor and adapt its strategies to protect the financial interests of all Nigerians and stakeholders in the financial system.