Today’s Black Market Exchange Rate: Dollar (USD) To Naira (NGN) On 22nd July 2024

Today’s Black Market Exchange Rate: Dollar (USD) To Naira (NGN) On 22nd July 2024

The exchange rate for the dollar to Naira at the Lagos Parallel Market (Black Market) indicates buying at N1590 and selling at N1598 on Monday, July 21st, 2024, according to sources at Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market). The CBN directs individuals interested in forex transactions to approach their respective banks.

**Rewritten NESG Inflation Concerns Section:**

The Nigeria Economic Summit Group (NESG) has voiced apprehensions about rising inflation within the country, largely driven by increasing food prices.

During a quarterly briefing on the nation’s economic outlook, Dr. Tayo Aduloju, CEO of NESG, highlighted these concerns. He expects the Central Bank of Nigeria (CBN) to continue its inflation-targeting measures, possibly resulting in an uptick in the Monetary Policy Rate (MPR).

Recent reports from the National Bureau of Statistics (NBS) indicate a persistent upward trend in inflation, with a headline rate of 34.19% recorded in June. Food inflation, specifically, stood at 40.87% year-on-year, reflecting a 15.62% rise from June 2023 (25.25%).

The surge in food inflation is attributed to the escalating prices of staple foods such as Millet, Garri, Guinea Corn (Bread and Cereals), Yam, Coco Yam (Potatoes and Other Tubers), Groundnut Oil, Palm Oil (Oil and Fats), and Dried Fish (Fish), among others.