Current Dollar to Naira Exchange Rate
What is the current exchange rate between the Dollar and the Naira in the black market, also known as the parallel market (Aboki fx)? Below are the black market rates for November 18, 2024, which indicate the buying and selling prices for converting your dollar to Naira.
Black Market Rates for November 18, 2024:
- Buying: N1735 per dollar
- Selling: N1740 per dollar
Note: These rates are based on information from Bureau De Change (BDC) operators in Lagos.
Official Central Bank of Nigeria (CBN) Rates:
- Buying: N1682 per dollar
- Selling: N1683 per dollar
The Central Bank of Nigeria (CBN) does not acknowledge the parallel market rates. Individuals who require foreign exchange should seek official channels through their banks.
Comparison of Exchange Rates
| Exchange Rate Type | Buying Rate | Selling Rate |
|---|---|---|
| Black Market | N1735 | N1740 |
| CBN Rate | N1682 | N1683 |
Note: Exchange rates may vary based on location and market conditions.
IMF Report on Nigeria’s Economic Reforms
A recent report from the International Monetary Fund (IMF) highlights that Nigeria’s economic reforms have not yielded the expected outcomes, despite the government’s efforts over the past 18 months. The removal of fuel subsidies and the floating of the Naira were aimed at stabilizing the economy, but Nigeria’s growth projections remain lower than the Sub-Saharan Africa regional average.
Key Findings:
- Nigeria’s economic growth forecast for 2024 stands at 3.19%, below the regional average of 3.6%.
- In comparison, countries like Côte d’Ivoire, Ghana, and Zambia have shown notable progress.
- Inflation in Nigeria is rising, with upward trends observed from September through October, after a brief respite in July and August.
IMF’s Deputy Director, Catherine Patillo, speaking at a recent Lagos Business School event, emphasized that while macroeconomic conditions in most of Sub-Saharan Africa are improving, Nigeria is not yet part of this positive trend. The report notes fiscal improvements in countries like Ghana and Zambia, contrasting with Nigeria’s ongoing challenges.
This updated article provides a clear comparison of the black market and CBN rates while highlighting the broader economic context in Nigeria.
