Dollar Demand Surges, Naira Slumps: Today’s Black Market Exchange Rate Update

Dollar Demand Surges, Naira Slumps: Today’s Black Market Exchange Rate Update

Looking for today’s Dollar to Naira exchange rate in the black market (parallel market)?...CONTINUE READING…

Here’s the latest rate for November 14, 2024.

Black Market Dollar to Naira Exchange Rate:

• Buying Rate: N1,735
• Selling Rate: N1,745

This exchange rate applies to the Lagos Parallel Market, according to Bureau De Change (BDC) sources.

Note: The Central Bank of Nigeria (CBN) does not endorse the parallel market and advises those in need of foreign exchange to consult their banks directly.

CBN Official Dollar to Naira Exchange Rate:

• Buying Rate: N1,687
• Selling Rate: N1,688

Prices in the forex market may vary, so be aware that actual rates can differ from these listings.

Projected Naira Devaluation by 2028

A report by BMI, a Fitch Solutions subsidiary, suggests that the naira could fall to N1,993 per dollar by 2028. This projected decline could have significant consequences, particularly for Nigeria’s healthcare sector, which relies on imports for over 95% of its medical devices. The report highlights that:

• Higher import costs due to a weakened naira will impact medical devices, making healthcare more expensive.
• Locally manufactured medical devices could become more competitive, despite current challenges like outdated technology and limited infrastructure.