Dollar vs Naira: How The Parallel Market Is Impacting Nigerians This Festive Season

Dollar vs Naira: How The Parallel Market Is Impacting Nigerians This Festive Season

As of Sunday, December 29, 2024, the exchange rate for USD to Naira in the Lagos Parallel Market (also known as the black market) was…Dollar vs Naira: How The Parallel Market Is Impacting Nigerians This Festive Season

as follows:

• Buying Rate: ₦1,660
• Selling Rate: ₦1,670

This information comes from Bureau De Change (BDC) sources.

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. For foreign exchange transactions, the CBN has directed individuals to go through their banks.

CBN Official Rates

In contrast to the black market rates, the official exchange rates from the Central Bank of Nigeria (CBN) for USD to Naira on December 29, 2024 are:

• Highest Rate: ₦1,550
• Lowest Rate: ₦1,532

Keep in mind that rates can vary, and the rates listed may differ slightly depending on the location and transaction conditions.

What Lies Ahead for the Naira?

Looking ahead to 2025, the Nigerian Naira is expected to continue its decline against the US Dollar. According to an Afrinvest report titled “Beyond The Rhetorics: Transforming Reforms to Tangibles”, the Naira could reach ₦1,804 per Dollar in the official market by next year.

This prediction is based on the expectation that the Central Bank of Nigeria (CBN) may face significant challenges in meeting foreign exchange demands and managing currency fluctuations in the coming months. The report suggests that although exchange rate volatility will likely persist, it will likely remain at a moderate pace.

The projected ₦1,804 per Dollar exchange rate stands in contrast to the ₦1,500 per Dollar rate suggested in Nigeria’s 2025 national budget.

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