Connect with us

Business

Naira to Dollar Black Market Exchange Rate Today

Published

2 weeks ago

on

Naira Appreciation At Parallel Market

The black market exchange rate for the Nigerian Naira against the US Dollar as of today, September 23, 2024, the exchange rate stands at approximately ₦1,657 for 1 USD in the black market.

Current Exchange Rate Overview

  • Black Market Rate: ₦1,657 per USD
  • Comparison with Official Rates: The black market rate is notably higher than the official Central Bank of Nigeria (CBN) rates, which are typically lower due to government regulations and interventions aimed at stabilizing the currency.

Factors Influencing the Exchange Rate

Several factors contribute to the current black market exchange rate:

  • Supply and Demand: The demand for foreign currency, particularly USD, remains high as individuals and businesses seek to hedge against inflation and economic instability. This demand often outstrips supply, pushing rates higher.
  • Economic Conditions: Ongoing economic challenges in Nigeria, including inflationary pressures and fluctuating oil prices (Nigeria’s primary export), impact the value of the Naira. Political instability can also exacerbate these issues, leading to increased uncertainty in currency markets.
  • Global Economic Trends: The strength of the US Dollar globally can influence local exchange rates. As the Dollar strengthens against other currencies, it may lead to higher exchange rates in local markets like Nigeria.

Risks of Black Market Transactions

While exchanging currency in the black market may offer better rates, it comes with inherent risks:

  • Fraud and Scams: There is a significant risk of encountering fraudulent dealers. It is crucial for individuals to conduct transactions with reputable dealers and obtain written receipts for exchanges.
  • Legal Implications: Engaging in black market currency exchanges can have legal repercussions, as these transactions are not regulated by the government.

Conclusion

The current black market exchange rate is ₦1,657 per USD in Lagos Nigeria.

Rachel Adams

Times News Global is a dynamic online news portal dedicated to providing comprehensive and up-to-date news coverage across various domains including politics, business, entertainment, sports, security, features, opinions, environment, education, technology and global. affairs. Our commitment lies in sharing news that is based on factual accuracy, credibility, verifiability, authority and depth of research. We pride ourselves on being a distinctive media organization, guided by the principles enshrined in Article 19 of the Universal Declaration of Human Rights. Made up of a team of ordinary people driven by an unwavering dedication to uncovering the truth, we publish news without bias or intimidation.