As of today, August 19, 2024, the black market exchange rate for the dollar to naira (Aboki FX) in Lagos is as follows:
- Buying Rate: N1605 per dollar
- Selling Rate: N1610 per dollar
These rates are sourced from Bureau De Change (BDC) operators. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals seeking foreign exchange to approach their banks.
Official CBN Dollar to Naira Exchange Rate for August 19, 2024:
- Buying Rate: N1584 per dollar
- Selling Rate: N1585 per dollar
Please be aware that the actual rates for buying or selling forex may vary depending on the location and time of the transaction.
Inflation Update:
In related economic news, Nigeria’s food inflation rate decreased to 39.53% in July 2024 from 40.87% in June, according to the latest data from the National Bureau of Statistics (NBS). The reduction was driven by lower prices for food items such as garri, akpu (fufu), and milk. On a month-to-month basis, the food inflation rate in July was 2.47%, down from 2.55% in June.
