Dollar to Naira Exchange Rate Update:
For individuals looking to exchange the U.S. dollar (USD) for Nigerian naira (NGN) through the black market, today’s rates reflect ongoing trends in the Lagos Parallel Market. As of Sunday, November 10, 2024, black market traders are purchasing dollars at a rate of N1735 and selling them at N1740, according to information from sources within the Bureau De Change (BDC) sector.
It’s essential to highlight that the Central Bank of Nigeria (CBN) does not officially recognize black market transactions and instead encourages individuals who wish to obtain foreign currency to go through their official banking channels. The CBN’s intention is to regulate and control currency distribution more effectively, aiming to stabilize the foreign exchange market and curb unregulated trading.
Today’s Black Market (Parallel Market) Exchange Rates for USD to NGN:
- Buying Rate: N1735
- Selling Rate: N1740
Official CBN Exchange Rates for USD to NGN:
- Buying Rate: N1664
- Selling Rate: N1665
Please remember that actual rates for buying and selling foreign currency may differ slightly depending on the location and the specific dealer involved. Market fluctuations, demand, and supply can influence the rates beyond what is reported here, so it’s advisable to confirm rates at the time of transaction.
For those looking for stable rates and regulated transactions, CBN-approved banks and licensed financial institutions remain the recommended options for foreign exchange.
