Black Market Dollar To Naira Exchange Rate Today 11 December 2024 Can Be Accessed Below.

The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.

What’s the dollar to naira black market today 11 December 2024?
The local currency (abokiFx) opened at ₦1,665.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 11 December 2024, in Lagos Nigeria, after it closed at ₦1,650.00 per $1 on Tuesday, 10 December 2024.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,705
Selling Rate ₦1,715

Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.

What’s the dollar to naira CBN exchange rate today?

1 USD = 1577.31 NGN
1 Dollars = 1577.31 Nigerian Naira
The USDNGN rate as of 11 Dec 2024

The Naira has rebounded and gained value against the US dollar in the official foreign exchange market, just 24 hours after experiencing a depreciation.

According to the Central Bank of Nigeria’s exchange rate data for Tuesday, the Naira strengthened to N1,525 per dollar, up from N1,538.50 per dollar traded on Monday. This represents a gain of N13.5 against the dollar, following the previous day’s rate of N1,538.50.

In contrast, the parallel (black) market showed no similar improvement, with the Naira closing at N1,665 per dollar on Tuesday, up from N1,630 per dollar on Monday. This indicates a continued weakness in the unofficial market, where the Naira has struggled to match the official rate.

The Naira’s depreciation on Monday marked its first decline in the official FX market since the Central Bank of Nigeria (CBN) launched the Electronic Foreign Exchange Matching System (EFEMS) to ensure more transparent foreign exchange transactions. The decline raised concerns, but the recent recovery has sparked renewed hope.

Economists are optimistic that if the Naira can maintain its recent gains against the dollar in the official market, it could have a positive impact on the cost of imported goods, potentially easing inflationary pressures. However, concerns remain about the continued disparity between the official and parallel market rates, which could affect broader economic stability.

Nigeria has reaffirmed its leadership in the global energy sector with the appointment of Mr Ademola Adeyemi-Bero, Nigeria’s Governor for the Organisation of the Petroleum Exporting Countries, as Chairman of the Board of Governors for 2025.

A statement published on OPEC’s website noted that his appointment was confirmed at the 189th meeting of the OPEC Conference on Tuesday.

The statement partly read, “The conference appointed Mr Ademola Adeyemi-Bero, Governor of the Federal Republic of Nigeria for OPEC, as Chairman of the Board of Governors for the year 2025, and Eng. Adeeb Al-Aama, Governor of the Kingdom of Saudi Arabia for OPEC, as Alternate Chairman for the same period.”

Before he was appointed the Chairman of the OPEC Board of Governors, Adeyemi-Bero was confirmed as Nigeria’s OPEC Governor for the year 2025.

This role highlights Nigeria’s influence within the OPEC and underscores the nation’s commitment to shaping global energy policies.

Congratulating Adeyemi-Bero in a statement by his Special Assistant on Media and Communication, Nneamaka Okafor, on Tuesday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, hailed Adeyemi-Bero’s elevation as a testament to the country’s active contributions to the global oil industry.

The statement partly read, “He emphasised that this appointment provides Nigeria with a vital platform to advocate for balanced energy policies that benefit oil producers, consumers, and the global economy.

“The Honourable Minister also expressed profound gratitude to Ambassador Gabriel Aduda, the outgoing Nigerian OPEC Governor, for his exemplary service. He acknowledged Ambassador Aduda’s instrumental role in advancing Nigeria’s interests within OPEC and ensuring the country’s influential presence in global energy discussions.”

The OPEC Conference brought together representatives from member countries to address significant issues, including reports from the Secretary-General and the Economic Commission Board, and to deliberate on critical internal matters.

The conference also extended the tenure of Haitham Al Ghais as OPEC Secretary General for another three years, effective August 1, 2025.

Member nations commended his exceptional leadership and the Secretariat’s unwavering commitment to the organisation’s objectives.