As of September 29, 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 N1,700 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 29, 2024, the black market buying rate for the US dollar stood at N1,695, while the selling rate was recorded at N1,700.
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 N1,638 per USD.
READ ALSO
●Sep 28: Black Market Dollar To Naira Rate
●How Tinubu’s Ministers Spent N1.8bn On Air Travel In Two Months – Report
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 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.
The National Drug Law Enforcement Agency has apprehended two drug kingpins who were previously declared…
●Demands Public Apology In 24 Hours Nigerian crossdresser, Bobrisky, has filed a lawsuit against social…
Omoyele Sowore, the 2023 presidential candidate of the African Action Congress (AAC), has criticised Pastor…
The Osun State Government has approved the appointment of Prince Kazeem Oyekunle as the new…
A lion has mauled one of its handlers at the Olusegun Obasanjo Presidential Library Wildlife…
We Are Fully On Ground - Aregbesola Tendency Focused On Reclaiming Osun - Adesiji More…
This website uses cookies.