Dollar, Pounds to Naira Black Market Exchange Rate Today September 9, 2024

As of September 9, 2024, the US dollar to Nigerian naira exchange rate in the black market has reached ₦1,650 per USD. This figure reflects data from Bureau De Change (BDC) operators, key players in Nigeria’s informal foreign exchange market.

The exchange rates in the parallel market, also known as the black market, often vary significantly from the official rates set by the Central Bank of Nigeria (CBN). This disparity is largely driven by supply and demand forces prevailing within the informal market.

The buying rate for the US dollar in the black market stood at ₦1,640, while the selling rate was recorded at ₦1,650 while the Great Britain pounds is exchanged for ₦2,238 on LemFi, an online exchange app as well as for ₦2,178.22 on Leatherback; ₦2,102 on TransferGo and ₦2,220 on Pesa. These figures fluctuate throughout the day due to economic conditions, market speculation, and government policies.

The volatility in the black market exchange rate reflects the ongoing economic difficulties and Nigeria’s persistent foreign exchange shortage. The gap between the black market and official CBN rates continues to widen, underscoring the pressure on the naira.

As of today, the official exchange rate set by the Central Bank of Nigeria is ₦1,629 per USD, and ₦2,144 per GBP which contrasts sharply with the black market rates.

The increasing disparity between official CBN rates and black market figures highlights the challenges facing Nigeria’s foreign exchange market. The demand for foreign currency regularly exceeds supply, resulting in ongoing volatility in the value of the naira.

Today, the average dollar-to-naira black market rate stands at ₦1,660.00, as reported by users. Over the past week, from September 1 to September 7, 2024, the dollar to naira black market rate ranged between ₦1,640 and ₦1,680, averaging ₦1,654.29.

Comparing today’s rate to the average rate over the last seven days reveals a 0.35% rise, with a 5.71-point increase from ₦1,654.29 to ₦1,660.00.

This continued rise in exchange rates reflects the mounting economic pressures facing Nigeria, as the Central Bank grapples with stabilising the naira amidst significant divergence between official and parallel market rates.