Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 18th October 2024

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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 18th October 2024

The exchange rate for a dollar to naira at LagosParallel Market (Black Market)players buy a dollar for N1700 and sell at N1705 on Thursday 17th October 2024, according to sources atBureau De Change (BDC).

This decline is largely due to a heightened demand for U.S.

dollars in Nigeria’s parallel market, coupled with limited dollar inflows and sluggish foreign exchange allocations from the central bank.

Despite Nigeria’s efforts to reform its foreign exchange market, including the liberalization of the official exchange rate in June 2023, these measures have not been adequate to stabilize the currency..

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