Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today – 3rd July 2024

Current Exchange Rates:

Black Market (Parallel Market):

• Buying Rate: N1510
• Selling Rate: N1523

Central Bank of Nigeria (CBN):

• Buying Rate: N1508
• Selling Rate: N1509

Disclaimer: Rates may vary from what is captured in this article due to fluctuations in the market.

Analysis:

The black market, also known as the parallel market (Aboki FX), shows that the exchange rate for the dollar to naira at the Lagos Parallel Market (Black Market) is N1510 for buying and N1523 for selling as of Tuesday, 2nd July 2024, according to sources at the Bureau De Change (BDC). It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to approach their respective banks for foreign exchange transactions.

Commentary:

Fuel Subsidy Removal and Naira Devaluation Policies:

Former Deputy Governor of the Central Bank of Nigeria (CBN), Professor Kingsley Moghalu, critiqued the execution of recent economic policies by President Bola Tinubu. He highlighted that while the removal of fuel subsidies and the devaluation of the naira were necessary steps, the manner in which they were implemented lacked proper planning and measures to mitigate the impact on citizens.

Moghalu criticized the abrupt removal of the fuel subsidy and the announcement of the naira’s floating without adequate monetary tightening and the appointment of a substantive CBN governor. He emphasized that the petrol and forex subsidies were unsustainable, but the execution of their removal was poorly handled, resulting in significant hardship for Nigerians.

He concluded that the competence of policy conception and execution is crucial and that evidence-based public policy remains a significant challenge for Nigeria and many African countries.