Today’s Black Market Dollar To Naira Exchange Rate: October 22, 2024

Today’s Black Market Dollar To Naira Exchange Rate: October 22, 2024As of October 21, 2024, the black market exchange rate for the US dollar to Nigerian naira is as follows:....KINDLY READ THE FULL STORY HERE▶

•Buying Rate: ₦1715

•Selling Rate: ₦1725

These rates are based on information from Bureau De Change (BDC) operators in Lagos. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals seeking to trade in foreign exchange to go through authorized banks.

Official CBN Exchange Rate

For comparison, the CBN’s exchange rates today are:

•Buying Rate: ₦1651

•Selling Rate: ₦1652

Please be aware that actual rates may vary depending on the specific location and service provider.

Recent Petrol Price Increase

The National Bureau of Statistics (NBS) has reported a substantial increase in petrol prices, which rose by 64.5% over the past year. As of September 2024, the average retail price for Premium Motor Spirit (PMS) was ₦1,030.46 per litre, up from ₦626.21 in September 2023. This marks a 24.08% rise compared to August 2024.

In a state-by-state breakdown, Katsina recorded the highest average price at ₦1,096.15, followed closely by Ebonyi (₦1,090.94) and Akwa Ibom (₦1,085.71). Conversely, Yobe, Sokoto, and Kebbi had the lowest prices, averaging ₦939.38, ₦961.67, and ₦986.67, respectively.

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