On Monday, July 21st, 2024, sources at Bureau De Change (BDC) in Lagos reported that the dollar was bought at N1590 and sold at N1598 in the parallel market (commonly known as the black market).
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market for foreign exchange transactions. Instead, the CBN advises individuals to conduct foreign exchange transactions through authorized banks.
Today’s Exchange Rates:
– Black Market (Parallel Market): Buying Rate N1590, Selling Rate N1598
– CBN Rate: Buying Rate N1584, Selling Rate N1585
Please be aware that actual forex buying and selling rates may differ from those mentioned here due to market fluctuations.
Additionally, the Nigeria Economic Summit Group (NESG) has raised concerns about rising inflation, attributing it to increasing food prices. CEO Dr. Tayo Aduloju highlighted these concerns during a recent economic forecast briefing, suggesting that the CBN may continue its inflation-targeting policies, potentially leading to higher Monetary Policy Rates (MPR).
June’s National Bureau of Statistics (NBS) report indicated headline inflation at 34.19%, with food inflation rising to 40.87% year-on-year, driven by significant price hikes in essential commodities such as grains, tubers, oils, and fish.
