Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 17th June 2024

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 16th June, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1485 and sell at N1490 on Sunday 16th June 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira CBN Rate Today

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

CBN Interest Rate Hikes Will Not Control Inflation – World Bank

The World Bank has expressed concerns regarding the effectiveness of the Central Bank of Nigeria’s monetary policy tightening in addressing the persistent inflation in the country.

This warning was included in the global economic prospects report recently published by the World Bank. The report highlighted the potential risk to Nigeria’s economic growth if the tightening policies fail to curb inflation.

The increase in the monetary policy rate (MPR) aims to control inflation by raising interest rates. However, experts caution that high interest rates may hinder borrowing for manufacturers and contractors, leading to reduced productivity and job losses.

Since the beginning of the year, the Monetary Policy Committee (MPC) has raised interest rates from 22.75 per cent in February to 26.25 per cent in May, marking a significant increase of 750 basis points.

Recently, the World Bank published a report stating that the “Risks to Nigeria’s growth outlook are substantial, including the possibility that the tightening of monetary policy stops short of reining in inflation.”

The report also predicted Nigeria’s economic growth rate outlook for the rest of 2024 and 2025 to remain the same.

“Growth in Nigeria is projected to pick up to 3.3 per cent this year and 3.5 per cent in 2025.

“After the macroeconomic reforms’ initial shock, economic conditions are expected to gradually improve, resulting in sustained, but still-modest growth in the non-oil economy.

“In addition, the oil sector is expected to stabilise as production somewhat recovers”, the World Bank said stressed.