Today’s Dollar To Naira Exchange Rate In The Black Market (Aboki FX)

Today’s Dollar To Naira Exchange Rate In The Black Market (Aboki FX)

Find the black market Dollar to Naira exchange rate for July 21st below. You can swap your dollars for Naira at these rates.

How Much is a Dollar to Naira Today in the Black Market?

Dollar to Naira Exchange Rate Today Black Market (Aboki Dollar Rate):
Buying Rate: N1590
Selling Rate: N1598

According to sources at Bureau De Change (BDC) in Lagos, players in the black market buy a dollar for N1590 and sell it for N1598 on Monday, July 21st, 2024. Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|——————————|———————————-|
| Buying Rate | N1590 |
| Selling Rate | N1598 |

Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
|——————————|—————-|
| Buying Rate | N1584 |
| Selling Rate | N1585 |

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Escalating Inflation in Nigeria

The Nigeria Economic Summit Group (NESG) has expressed concerns regarding the increasing inflationary pressures within the Nigerian economy, attributing this to the rising costs of food prices.

During a quarterly briefing on the nation’s economic forecast, Dr. Tayo Aduloju, Chief Executive Officer (CEO) of the NESG, articulated these concerns. He anticipates that the Central Bank of Nigeria (CBN) will persist in its inflation-targeting policies, potentially leading to an increase in the Monetary Policy Rate (MPR).

Inflation has been on a consistent upward trajectory in recent months. The National Bureau of Statistics (NBS) reported a headline inflation rate of 34.19% in June. Furthermore, the report indicated a food inflation rate of 40.87% on a year-on-year basis, marking a 15.62% increase from the rate observed in June 2023 (25.25%).

The surge in food inflation is attributed to the escalating prices of various food items, including Millet Whole Grain, Garri, Guinea Corn, Yam, Water Yam, Coco Yam, Groundnut Oil, Palm Oil, Catfish Dried, Dried Fish-Sardine, and Mudfish, among others.