Today’s Black Market Exchange Rate: USD To NGN On October 30, 2024

Today’s Black Market Exchange Rate: USD To NGN On October 30, 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 30, 2024, where you can exchange your dollars for Naira.....KINDLY READ THE FULL STORY HERE▶

Current Black Market Rates:

•Buying Rate: N1743

•Selling Rate: N1748

These rates were reported by sources at Bureau De Change (BDC) in Lagos for Tuesday, October 30, 2024. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct foreign exchange transactions through their banks.

CBN Rates for Comparison:

•CBN Buying Rate: N1664

•CBN Selling Rate: N1665

Keep in mind that actual rates may vary from those presented in this article due to fluctuations in the market.

Oil Price Update

Nigeria’s crude oil price has dropped to $72 per barrel, down from $75, reflecting an 8.2% decline from the $77.96 benchmark set in the 2024 budget. This decrease is attributed to a tempered response from Israel to Iran’s missile attack, which initially raised concerns about oil supply disruptions.

The Organisation of Petroleum Exporting Countries (OPEC) reported a decline in Nigeria’s oil production, excluding condensate, to 1.324 million barrels per day (bpd) in September 2024, a decrease from 1.352 million bpd in August. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) noted a total oil output, including condensate, of 1.544 million bpd for September, down from 1.570 million bpd in August.

These trends indicate that Nigeria is facing challenges in oil prices and production, raising concerns among experts about the country’s ability to meet its budget projections for 2024.

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