As of August 16, 2024, the black market exchange rate for the U.S. dollar to the Nigerian naira stands at ₦1,596 for buying and ₦1,600 for selling. Meanwhile, Nigeria’s inflation rate dropped to 33.4% in July 2024, marking the first decrease in 19 months, indicating economic shifts.
As of August 16, 2024, the exchange rate for the U.S. dollar to the Nigerian naira in the black market, also known as the parallel market, has seen slight fluctuations. In Lagos, traders are buying dollars at ₦1,596 and selling them at ₦1,600. It is important to note that these rates differ from the official rates provided by the Central Bank of Nigeria (CBN), which currently stands at ₦1,579 for buying and ₦1,580 for selling.
The CBN does not officially recognize the black market for foreign exchange transactions and advises individuals to conduct their currency exchanges through authorized banks. The exchange rate in the black market often varies from the official CBN rate, as it is influenced by factors such as market demand, availability of foreign currency, and economic conditions. Meanwhile, Nigeria's inflation rate dropped to 33.4% in July 2024, marking a decrease from the 34.19% recorded in June. This decline is the first in 19 months, reflecting changes in the economic landscape.
