Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 26th July 2024

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 26th July 2024Dollar to Naira Exchange Rate TodayCurious about the Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki fx)? Here’s the latest update on the black market Dollar to Naira exchange rate for 26th July 2024. You can swap your dollars for Naira at these rates:

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

For those looking to exchange dollars in the Lagos Parallel Market (Black Market), here are today’s rates:

• Buying Rate: N1590
• Selling Rate: N1595

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market). For Forex transactions, the CBN directs individuals to approach their respective banks.

Official CBN Rate

Dollar to Naira CBN Rate Today:

• Buying Rate: N1598
• Selling Rate: N1599

Remember, the rates you buy or sell Forex might differ from what is captured in this article because prices can vary.

The Central Bank of Nigeria (CBN) recently introduced a new interest rate, which has sparked concern among manufacturers. The Manufacturing Association of Nigeria (MAN) warns that this change will further constrain the growth of the manufacturing sector.

Current Rates as of the 296th Monetary Policy Committee (MPC) Meeting:

• Monetary Policy Rate (MPR): Increased by 50 basis points from 26.25% to 26.75%.
• Asymmetric Corridor Around MPR: Adjusted from +100 to -300 basis points to +500 to -100 basis points.
• Cash Reserve Ratio (CRR): Maintained at 45% for deposit money banks and 14% for merchant banks.
• Liquidity Ratio: Retained at 30%.

Segun Ajayi-Kadir, Director General of MAN, expressed concerns about the new rate. Despite a significant increase in MPR over the past two years, which saw a 1,475 basis point hike from 11.5% in May 2022 to 26.25% in May 2024, inflation has persisted. In June, inflation reached a staggering 34.19%, the highest since March 1996.

The new interest rate could potentially:

• Reduce Consumer Purchasing Power: Consumers might have less money to spend, affecting overall demand.
• Lower Production Levels: Manufacturers may find it more expensive to borrow, impacting their production capacity.
• Decrease Competitiveness and Sales: Higher costs and reduced consumer spending can lead to lower sales and competitiveness.