How much is a dollar to naira today in the black market?
As of July 17, 2024, the exchange rate for the US Dollar to Naira in the Lagos Parallel Market (commonly referred to as the black market) stands at:
– Buying Rate: ₦1600
– Selling Rate: ₦1615
These rates are sourced from Bureau De Change (BDC) operators.
Official Exchange Rates
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize or endorse the black market. For foreign exchange transactions, the CBN advises individuals to approach their respective banks. As per the CBN’s official rates:
– Buying Rate: ₦1572
– Selling Rate: ₦1573
Variability in Rates
Keep in mind that the actual rates you may encounter for buying or selling foreign exchange can vary from the figures provided, as they depend on market conditions and individual negotiations.
Nigeria’s Economic Outlook Dims as IMF Cuts Growth Forecast to 3.1% amidst Soaring Inflation
Meanwhile, yesterday, the International Monetary Fund revised its 2024 economic growth forecast for Nigeria downward to 3.1 percent, citing weaker growth in the first quarter of the year, Q1’24.
This updated forecast was included in the IMF’s World Economic Outlook for July 2024, which was released on Tuesday, July 16, 2024.
The revision is 0.2 percentage points lower than the previous forecast of 3.3 percent.
This adjustment follows the weaker-than-expected GDP growth Nigeria experienced in the first quarter of 2023.
Recall that data from the National Bureau of Statistics (NBS) indicated that Nigeria’s GDP growth decreased quarter-on-quarter to 2.98 percent in Q1’24, down from 3.46 percent in the fourth quarter of 2023, Q4’23.
