Current Exchange Rates
On November 14, 2024, the Dollar to Naira exchange rate in Nigeria’s black market, often referred to as the parallel market or Aboki fx, is a point of focus for many. Below are the details of the latest rates for November 13:
- Buying Rate: N1735
- Selling Rate: N1745
These rates are sourced from Bureau De Change (BDC) operators in Lagos. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals seeking foreign exchange to approach their banks.
CBN Exchange Rate
According to the CBN, the official rates for November 13 are as follows:
- Buying Rate: N1687
- Selling Rate: N1688
Exchange rates can vary depending on the source, so the actual rate for buying or selling forex may differ.
Future Outlook: Naira’s Potential Weakness
A recent report from BMI, a subsidiary of Fitch Solutions, projects a significant devaluation of the Naira in the coming years. The study suggests that by 2028, the Naira could fall to ₦1,993 per US dollar, a considerable drop from the rate of ₦306/$ seen in 2018.
The report, titled “Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth,” emphasizes the potential consequences for Nigeria’s economy, particularly the pharmaceutical and medical device industries, which rely heavily on imports.
Implications for the Medical Sector
The study predicts that the continued decline of the Naira will result in:
- Higher costs for imported medical devices, as over 95% of these devices are sourced internationally.
- Reduced consumer purchasing power, limiting the ability of patients and health systems to afford essential medical technologies.
- Potential disruption in high-demand areas like diagnostics, orthopaedics, and dental products.
However, the report also suggests a silver lining: a weaker Naira could boost the competitiveness of locally manufactured medical devices. This might foster growth in domestic production, despite ongoing challenges such as outdated technology, insufficient infrastructure, and a lack of skilled labor, even with government incentives.
The forecast underscores both the obstacles and opportunities that a devaluing Naira presents for Nigeria’s economy and healthcare sector.
