Categories: EconomyNews

Nov 1: Black Market Dollar To Naira Rate

As of November 1, 2024, the exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market, commonly referred to the black market, has reached N1,750 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.

The rates in the black market often differ significantly from the official rates set by the Central Bank of Nigeria (CBN) due to the varying dynamics of supply and demand within the informal market.

On the same day, November 1, 2024, the black market buying rate for the US dollar stood at N1,745, while the selling rate was recorded at N1,750.

These rates are subject to frequent changes throughout the day, influenced by a range of factors including prevailing economic conditions, market speculation, and government policies.

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.

In contrast to the black market rates, the Central Bank of Nigeria (CBN) maintains an official exchange rate, which as ,of today, is set at N1,651 per USD.

The significant disparity between the official CBN rate and the rates in the parallel market underscores the intense pressure being exerted on the naira.

This gap between the two rates also reflects broader challenges in Nigeria’s foreign exchange market, where demand often outstrips supply, leading to volatility.

READ ALSO

Oct 31: Black Market Dollar To Naira Rate

Police Arrest Verydarkman For Unauthorised Use Of Uniform

The black market, though unofficial, serves as a barometer for the real-world value of the naira, especially in times of economic uncertainty.

The ongoing fluctuations in exchange rates are a symptom of deeper economic issues, including limited access to foreign currency, which has been exacerbated by various domestic and international factors.

The situation highlights the challenges faced by the Central Bank of Nigeria in stabilizing the naira amidst a turbulent forex market, where the official and parallel market rates continue to diverge.

Recent Posts

Bobrisky Ejected From Amsterdam-Bound Flight

Social media personality Okuneye Idris, popularly known as Bobrisky, was on Thursday night, removed from…

1 hour ago

Police Arrest Verydarkman For Unauthorised Use Of Uniform

Social media influencer, Martins Otse popularly known as VeryDarkMan has been detained by the Police…

11 hours ago

50 Happy New Month Messages For November 2024 To Send To Loved Ones

The beginning of a new month marks a fresh start, a time when people often…

14 hours ago

Osun Gets New NSCDC Commandant

The Nigeria Security and Civil Defence Corps (NSCDC) has deployed a new Commandant, Igbalawole Emmanuel…

15 hours ago

Tributes As Actor Charles Olumo Agbako Buried (Photos)

Late veteran Yoruba actor, Alhaji Abdulsalam Sanyaolu popularly known as Charles Olumo Agbako has been…

15 hours ago

Charles Olumo Agbako: Biography, Cause Of Death, Age, Family, Education, Net Worth

On October 31st, 2024 the Nollywood industry mourned the loss of Pa Charles Olumo Sanyaolu,…

16 hours ago

This website uses cookies.