Today’s Black Market Exchange Rate: Dollar To Naira On October 29, 2024

Today’s Black Market Exchange Rate: Dollar To Naira On October 29, 2024
As of October 28, 2024, the black market exchange rate for the dollar to naira is as follows: in Lagos, players at the parallel market are buying a dollar for N1,740 and selling it for N1,746, according to Bureau De Change (BDC) sources.....KINDLY READ THE FULL STORY HERE▶

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

Current Dollar to Naira Black Market Rates

•Buying Rate: N1,740

•Selling Rate: N1,746

CBN Exchange Rate for Comparison

•Buying Rate: N1,636

•Selling Rate: N1,637

Keep in mind that the rates for buying or selling foreign exchange may vary from those presented in this article due to fluctuations in the market.

Airtel Africa Reports Revenue Decline Amid Naira Depreciation

Airtel Africa has reported a revenue decline to $2.37 billion for the half-year ending September 30, 2024, largely due to the significant depreciation of the Nigerian naira. While revenue in constant currency showed a 19.9 percent increase, the overall reported revenue dropped by 9.7 percent as a result of the naira’s weakened value.

Following the CBN’s 2023 decision to unify foreign exchange rates, the naira’s value fell dramatically from ₦471/$ to ₦1,601.20 by October 2024.

The financial report also highlighted rising fuel prices in operational regions and a decrease in revenue contribution from Nigeria, leading to a drop in EBITDA margins from 49.6 percent in H1 2024 to 45.8 percent.

Airtel Africa’s profit after tax was $79 million, adversely affected by $151 million in derivative and foreign exchange losses (net of tax), mainly due to further naira depreciation.

Despite these challenges, Airtel Africa’s customer base grew by 6.1 percent to 156.6 million, with data consumption per customer increasing by 30.9 percent to 6.6 GB. Smartphone penetration also rose by 5.3 percent, reaching 42.9 percent.

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