As of 5th August 2024, the exchange rate for the US dollar at the Lagos Black Market (also known as the parallel market or Aboki FX) is as follows:....CONTINUE READING THE ARTICLE FROM THE SOURCE
– **Buying Rate**: ₦1,600
– **Selling Rate**: ₦1,605
This rate reflects the price at which Bureau De Change (BDC) operators are buying and selling dollars.
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the black market rates and advises individuals to use official bank channels for foreign exchange transactions.
**CBN Exchange Rates for Today:**
– **Buying Rate**: ₦1,618
– **Selling Rate**: ₦1,619
Please be aware that actual rates may vary from those listed due to market fluctuations.
**Recent Changes:**
The CBN has raised the import duty rate for cargo clearance at seaports and airports from ₦1,600.32 to ₦1,618.73. This increase, marking the highest rate since March 2024, is part of ongoing efforts to stabilize the naira amid a 6.43% depreciation in July. The adjustment is expected to exacerbate challenges for importers, leading to higher costs and inflationary pressures.
Despite CBN’s interventions through foreign exchange sales, the naira continues to face significant pressure. The recent increase in the exchange rate to ₦1,618.73 reflects ongoing liquidity issues in the official market.
For the latest updates and juicy gossip, dive into the Bushradiogist platform by clicking this link: Bushradio. For advert placement only, shoot a WhatsApp message to 0807 580 6790.
