What is the Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki fx)? Here is the black market Dollar to Naira exchange rate for 25th July. You can swap your dollars for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to Naira Exchange Rate Today – Black Market (Aboki Dollar Rate):
The exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) sees players buying a dollar for N1590 and selling it at N1595 on Friday, 25th July 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|---|---|
| Buying Rate | N1590 |
| Selling Rate | N1595 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
|---|---|
| Buying Rate | N1598 |
| Selling Rate | N1599 |
Please note that the rates you buy or sell forex may differ from those captured in this article because prices vary.
CBN’s New Interest Rate May Trigger Critical Distress for Manufacturers – MAN
The Manufacturing Association of Nigeria (MAN) has stated that the new interest rate introduced by the Central Bank of Nigeria (CBN) will further constrain the growth of the manufacturing sector.
The Association lamented that the purchasing power of consumers, production levels, competitiveness, and sales will face further decline.
Naija News reports that after the 296th meeting of the Monetary Policy Committee (MPC), which ended on Tuesday, the CBN increased the Monetary Policy Rate (MPR) by 50 basis points from 26.25 percent to 26.75 percent.
The MPC widened the asymmetric corridor around the MPR from +100 to -300 basis points to +500 to -100 basis points.
Additionally, the MPC maintained the Cash Reserve Ratio (CRR) for deposit money banks at 45 percent and for merchant banks at 14 percent, and retained the Liquidity Ratio at 30 percent.
Reacting to the new rate in a statement made available to Naija News on Wednesday, the Director General of MAN, Segun Ajayi-Kadir, expressed concern that, despite the continuous increase in MPR over the past two years resulting in a significant 1,475 basis point hike from 11.5 percent in May 2022 to 26.25 percent in May 2024, inflation has remained persistently high, reaching a staggering 34.19 percent in June, the highest since March 1996.
News Editor 
Hyelsinta Hassan