Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 31st October 2024
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1745 and sell at N1750 on Wednesday 30th October 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1745 |
| Selling Rate | N1750 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1664 |
| Selling Rate | N1665 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Naira Becomes World’s Third Worst Performing Currency Amid Low Dollar Liquidity
Nigeria’s legal tender, the naira, now ranks as the third worst-performing currency globally, following a steep 70% loss in value against the dollar this year.
It currently trails only the Lebanese pound and the Ethiopian birr regarding depreciation.
On Monday, the naira weakened by 4.3%, hitting an all-time low of 1,670.65 per dollar, according to Bloomberg data. The decline was driven by a 72% drop in dollar liquidity to $81 million, marking the lowest level in over a month.
Low liquidity in Nigeria’s foreign exchange market has exacerbated the currency’s volatility as the country focuses on building its reserves, which reached $39.4 billion on October 24, the highest in two years.
However, Africa’s largest crude producer has struggled to stabilize its currency since it was floated in June last year, with falling oil production hampering foreign exchange inflows.
Finance Minister Wale Edun recently acknowledged the issue, noting that increasing crude output is essential for bolstering Nigeria’s foreign exchange reserves and strengthening the naira.
