The black market exchange rate for the Dollar to Naira (USD to NGN) as of August 16, 2024, stands at N1596 for buying and N1600 for selling, according to sources at the Bureau De Change (BDC) in Lagos. It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, and individuals seeking Forex are advised to approach their banks.
For comparison, the CBN exchange rate today is N1579 for buying and N1580 for selling. Be aware that the actual rates may vary depending on the location and the Forex dealer.
In related economic news, Nigeria’s inflation rate fell to 33.4% in July 2024, the first decrease in 19 months, down from 34.19% in June. This marks a 0.79% drop on a month-on-month basis and a 9.32 percentage point increase year-on-year compared to July 2023.
