Black Market Dollar To Naira Rate

Today, September 28, 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 28, 2024, the black market buying rate for the US dollar stood at N1,690, 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.