Oct 11: Black Market Dollar To Naira Rate

Oct. 11, 2024 - Osun Defender

As of October 11, 2024, the exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, commonly referred to as the black market, has reached N1,670 for 1 USD. This exchange rate is typically obtained from the most recent data provided by Bureau De Change (BDC) operators, who play a key role in the informal foreign exchange market.

On the same day, October 11, 2024, the black market buying rate for the US dollar stood at N1,660, while the selling rate was recorded at N1,670. The fluctuations in the dollar-to-naira exchange rate within the black market are indicative of ongoing economic challenges and a persistent shortage of foreign exchange in Nigeria.

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