Naira Battles To Stay Afloat As Dollar Soars In Black Market – New Exchange Rates Exposed

Naira Battles To Stay Afloat As Dollar Soars In Black Market – New Exchange Rates Exposed

The dollar-to-naira exchange rate continues to capture attention, with fluctuations seen in both official and black market rates. On the 3rd of January, 2025, the exchange rate at the Lagos parallel market (often referred to as the black market) was reported at N1660 for buying…Naira Battles To Stay Afloat As Dollar Soars In Black Market – New Exchange Rates Exposed

and N1665 for selling, according to Bureau De Change (BDC) sources.

It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the parallel market rates, advising individuals to engage in Forex transactions through official banks. Below are the latest exchange rates:

Dollar to Naira Black Market Rates:

• Buying Rate: N1660
• Selling Rate: N1665

Dollar to Naira CBN Rates:

• Highest Rate: N1540
• Lowest Rate: N1531

Despite the fluctuations, the black market remains an active trading space for the dollar, with daily variations. However, it’s essential to remember that the prices may differ slightly based on location and availability.

Economist Bismarck Rewane’s Take on Nigeria’s Inflation Target for 2025

Renowned economist Bismarck Rewane voiced skepticism regarding President Bola Tinubu’s ambitious inflation target for 2025. In his 2025 budget speech, President Tinubu set a goal of reducing Nigeria’s inflation rate from 34.6% to 15% by year-end, a target that many experts find optimistic.

Rewane, known for his expertise in economic forecasting, labeled the 15% inflation target as “bullish” and “aspirational,” suggesting a more realistic outcome would see inflation decrease to around 27-25%. Rewane emphasized that the current economic landscape, with rising inflation and a challenging global market, makes a more moderate reduction more feasible.

He remarked, “While we can have aspirations, the reality is that inflation may only drop to somewhere between 27% to 25%. A 15% target is too optimistic given the circumstances.”

This candid assessment from Rewane highlights the economic challenges Nigeria faces in 2025, despite efforts from the government to curb inflation. The public and investors alike are keenly watching how the economy will navigate these challenges in the year ahead.

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