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See the Current Value of Black Market Dollar to Naira Exchange Rate for October 24, 2024

Published by Tope Fakinlede on October 24th, 2024.

See the Current Value of Black Market Dollar to Naira Exchange Rate for October 24, 2024

Naira and Dollar

What is the current exchange rate for the Dollar to Naira in the black market, often referred to as the parallel market? Here’s the latest information on the exchange rate for October 24, 2024.

As of yesterday, October 23, 2024, the exchange rate in the Lagos parallel market indicated that buyers were purchasing dollars for ₦1,723 and selling them for ₦1,728, according to Bureau De Change (BDC) sources.

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and has advised individuals seeking foreign exchange to use their respective banks. Additionally, rates may vary from those mentioned in this article due to fluctuations in the market.

MTN Nigeria Warns of Shutdown Without Tariff Increase

MTN Nigeria has issued a stark warning that it may cease operations unless the country’s policies are adjusted to allow for higher tariffs.

During a recent visit by participants of the Media Innovation Programme to MTN’s facilities in Ibeju-Lekki, Lagos, CEO Karl Toriola emphasized the urgent need for the telecommunications sector to restore profitability. With approximately 78 million subscribers, Toriola noted that the industry has been suffering significant financial losses and immediate action is necessary to turn things around.

According to MTN’s 2023 Sustainability Report, the company has invested ₦2.6 billion in corporate social initiatives and is currently relying on profits accumulated over the last two decades to sustain its operations.