Categories: Economy

Sep 13: Black Market Dollar To Naira Rate

As of September 13, 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 N1,665 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, September 14, 2024, the black market buying rate for the US dollar stood at N1,660, while the selling rate was recorded at N1,665.

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.

READ ALSO

Sep 12: Black Market Dollar To Naira Rate

Hardship: You Lack Empathy, Compassion – CUPP Knocks Tinubu

 

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 N1,588 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.

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.

Sodiq Lawal

Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.

Recent Posts

Include Bobrisky In Defamation Lawsuit, VeryDarkMan Tells Falana

Controversial activist and social media critic, Vincent Otse popularly known as VeryDarkMan, has asked human…

30 mins ago

School Building Collapse Kills Pupil, Injures Others

A school pupil has reportedly lost his life after a dilapidated six-classroom block collapsed, at…

39 mins ago

Top 10 Trending Stories In Nigeria Today

In today’s fast-paced world, staying informed is more important than ever. Osun Defender, a leading…

53 mins ago

Teacher Arrested Over Alleged Abuse Of School Boy

The Taraba State Government, through the Ministry of Women Affairs and Child Development, has arrested…

1 hour ago

Hunger Protests: US, UK Meddling In Nigeria’s Internal Affairs, Russia Alleges

Russia has vehemently denied allegations of interfering in Nigeria's recent hunger protests, instead pointing fingers…

1 hour ago

Amotekun Arrests Family Of Seven For Allegedly Stealing Rice From Orphanage

A family of seven have been arrested by the Ondo State Security Network Agency, otherwise…

2 hours ago

This website uses cookies.