16th August 2024: Current Black Market Dollar To Naira Exchange Rate

16th August 2024: Current Black Market Dollar To Naira Exchange Rate....KINDLY READ THE FULL STORY HERE▶

**Current Rates:**
– **Buying Rate:** ₦1,596 per USD
– **Selling Rate:** ₦1,600 per USD

On Thursday, August 15, 2024, the black market (parallel market) exchange rate in Lagos saw the USD being bought at ₦1,596 and sold at ₦1,600, according to Bureau De Change (BDC) sources……. CONTINUE READING 

Please be aware that the Central Bank of Nigeria (CBN) does not officially recognize these rates, recommending individuals to conduct foreign exchange transactions through their banks.

**CBN Official Rates:**
– **Buying Rate:** ₦1,579 per USD
– **Selling Rate:** ₦1,580 per USD

Exchange rates may vary, and actual rates may differ from those reported here due to fluctuations in the market.

### Nigeria’s Inflation Rate Update

Nigeria’s inflation rate fell to 33.40% in July 2024, as announced by the National Bureau of Statistics (NBS) on Thursday. This marks a decrease of 0.79% from the 34.19% recorded in June 2024, the first reduction in 19 months since December 2022.

Compared to July 2023, the inflation rate has increased by 9.32 percentage points, reflecting a higher year-on-year inflation rate. On a month-on-month basis, the inflation rate was 2.28% in July 2024, slightly lower than the 2.31% reported in June 2024, according to the Consumer Price Index (CPI) report from the NBS.

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