1. Black Market Dollar to Naira Exchange Rate Today
As of Tuesday, November 19, 2024, the exchange rate in Lagos’ black market saw the U.S. Dollar trading for ₦1,738 for buying and ₦1,740 for selling. These figures come from sources within Bureau De Change (BDC) circles.
While the black market exchange rate reflects current street trading, the Central Bank of Nigeria (CBN) maintains an official rate of ₦1,674 for buying and ₦1,675 for selling. It’s important to note that the CBN does not officially recognize the black market, advising individuals to use licensed financial institutions for foreign exchange transactions.
2. Economic Impact of Current Monetary Policies: Calls for Change
During the 6th Quadrennial and 13th National Delegates Conference of the National Union of Shop and Distributive Employees (NUSDE) in Ibadan, organized labor leaders urged President Bola Ahmed Tinubu to reconsider the country’s floating currency policy and recent increases in energy prices.
Aminu Megbontowon, President of NUSDE, expressed deep concerns over the adverse impact of rising energy costs and fluctuating currency values on Nigerian workers and businesses. He criticized the current price of petroleum, which has surged to over ₦1,000 per liter, alongside electricity tariffs that have escalated from ₦68 to ₦227.
These changes, according to Megbontowon, are untenable for an oil-rich nation where purchasing power is severely constrained. He warned that these policies are driving more Nigerians into poverty, leading to widespread job losses and business closures.
Stay updated for more insights on Nigeria’s economic situation and currency exchange movements.
