Sh**cking Forex Update: Naira Struggles As Dollar Hits New High In Parallel Market

Sh**cking Forex Update: Naira Struggles As Dollar Hits New High In Parallel Market

Stay informed about the latest Dollar to Naira exchange rates in Nigeria. Here’s the updated parallel market (Aboki FX) exchange rate for January 15, 2025, and what…Sh**cking Forex Update: Naira Struggles As Dollar Hits New High In Parallel Market

it means for you.

Today’s Black Market Exchange Rate

• Buying Rate: ₦1655/USD
• Selling Rate: ₦1660/USD

These rates are sourced from the Bureau De Change (BDC) in Lagos. However, it’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises citizens to approach their banks for forex transactions.

Official CBN Rates

• Highest Rate: ₦1554/USD
• Lowest Rate: ₦1546/USD

Inflation in Nigeria Sees a Slight Uptick

Nigeria’s inflation rate edged up to 34.8% in December 2024, compared to 34.6% in November. The rise, according to the National Bureau of Statistics (NBS), was primarily driven by increased consumer demand during the festive season.

Year-On-Year Inflation Analysis

The report revealed a significant year-on-year inflation increase of 5.87%, with the December 2023 rate recorded at 28.92%.

In the words of the NBS:
“The December 2024 inflation rate reflects a marginal increase due to heightened demand for goods and services during the festive period.”

What This Means for You

With inflation on the rise and fluctuating exchange rates, Nigerians may face steeper costs in goods and services. Staying updated with forex trends and inflation reports is critical for managing personal finances effectively.

For More Information And News Update, Join Ireporteronline WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaV4jB6DuMRgwqnJCF32 For advertisement inquiries only, kindly send a message to 09010649814 on Whatsapp