As of Thursday, 19th September 2024, the U.S. Dollar (USD) to Nigerian Naira (NGN) exchange rate in the black market (also known as the parallel market) was approximately:
₦1,665 per $1 USD
This rate reflects a slight depreciation of the Naira compared to the previous day’s rate of ₦1,660 per $1 USD.
Official Exchange Rate
On the same day, the official exchange rate provided by the Central Bank of Nigeria (CBN) was:
₦1,544.02 per $1 USD
This indicates a notable disparity between the official and black market rates, a common occurrence due to factors such as demand and supply dynamics, foreign exchange policies, and economic conditions.
Related Article: Dollar To Naira Black Market Exchange Rate Today – 11th November 2022
Frequently Asked Questions (FAQs)
Why is there a difference between the official and black market exchange rates?
- The disparity arises from various factors, including limited access to foreign currency at official rates, leading individuals and businesses to seek alternatives in the black market. Additionally, economic policies, inflation, and foreign exchange reserves influence these rates.
Is it legal to exchange currency at black market rates in Nigeria?
- While not explicitly illegal, transacting in the black market is not sanctioned by the Central Bank of Nigeria. Engaging in such transactions carries risks, including potential fraud and lack of legal recourse.
How can I get the most favorable exchange rate?
- To secure the best rates, consider monitoring both official and black market rates regularly. Utilize reputable financial news sources, currency converter apps, and consult with licensed Bureau de Change operators.
What factors contribute to the fluctuation of the Naira against the Dollar?
- Several elements influence the Naira’s value, including oil prices (as Nigeria is a major oil exporter), inflation rates, foreign investment levels, political stability, and monetary policies enacted by the Central Bank.
Where can I find reliable updates on exchange rates?
- For accurate and up-to-date information, refer to official sources like the Central Bank of Nigeria’s website, financial news outlets, and trusted currency converter platforms such as Wise and Western Union.