Today’s Black Market Rate: Dollar To Naira Exchange On October 21, 2024

Today’s Black Market Rate: Dollar To Naira Exchange On October 21, 2024What is the current exchange rate for the dollar to naira in the black market, also known as the parallel market (Aboki FX)? Below are the rates for October 20, 2024, where you can exchange your dollars for naira.....KINDLY READ THE FULL STORY HERE▶

Black Market Dollar to Naira Rate for October 20, 2024:

•Buying Rate: N1720

•Selling Rate: N1730

These rates were reported by players in the Lagos parallel market (Bureau De Change, BDC). It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and recommends that individuals looking to exchange forex do so through their banks.

CBN Dollar to Naira Rate Today

For comparison, here are the CBN rates:

•Buying Rate: N1651

•Selling Rate: N1652

Keep in mind that the rates for buying or selling forex may vary from those listed here due to market fluctuations.

Cooking Gas Price Increase

In other news, the National Bureau of Statistics (NBS) reported a significant rise in the average price of cooking gas. The cost of a 5kg cylinder increased from ₦6,430.02 in August to ₦6,699.63 in September 2024, marking a 4.19% rise from the previous month and a staggering 59.90% increase compared to ₦4,189.96 in September 2023.

The highest average price for a 5kg cylinder was noted in Rivers State at ₦7,285.71, followed by Gombe at ₦7,271.88 and Borno at ₦7,089.72. Kebbi recorded the lowest price at ₦5,950.00.

Additionally, the NBS reported a 4.89% increase in the average price for refilling a 12.5kg cooking gas cylinder, which rose from ₦15,552.56 in August to ₦16,313.43 in September, representing a dramatic 76.41% increase year-on-year from ₦9,247.40 in September 2023.

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