Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 26th July 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 25th July, 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 N1590 and sell at N1595 on Friday 25th July 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’s New Interest Rate May Trigger Critical Distress For Manufacturers – MAN

The Manufacturing Association of Nigeria (MAN) has stated that the new interest rate introduced by the Central Bank of Nigeria (CBN) will further constrain the growth of the manufacturing sector.

The Association lamented that the purchasing power of consumers, production levels, competitiveness and sales will face further decline.

Naija News reports that after the 296th meeting of the Monetary Policy Committee (MPC), which ended on Tuesday, the CBN increased the Monetary Policy Rate (MPR) by 50 basis points from 26.25 per cent to 26.75 per cent.

The MPC widened the asymmetric corridor around the MPR from +100 to -300 basis points to +500 to -100 basis points.

Additionally, the MPC maintained the Cash Reserve Ratio (CRR) for deposit money banks at 45 per cent and for merchant banks at 14 per cent and retained the Liquidity Ratio at 30 per cent.

Reacting to the new rate in a statement made available to Naija News on Wednesday, the Director General of MAN, Segun Ajayi-Kadir expressed concern that, despite the continuous increase in MPR over the past two years resulting in a weighty 1,475 basis point hike from 11.5 per cent in May 2022 to 26.25 per cent in May 2024, inflation has remained persistently high, reaching a staggering 34.19 per cent in June, the highest since March 1996.