Dollar To Naira Exchange Rate For October 2, 2024: Black Market Insights

Dollar To Naira Exchange Rate For October 2, 2024: Black Market Insights....KINDLY READ THE FULL STORY HERE▶

As of October 1, 2024, the black market exchange rate for the dollar to naira (USD to NGN) is as follows: in the Lagos parallel market, buyers are purchasing a dollar for **N1695** and selling it for **N1700**, according to sources at Bureau De Change (BDC). It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct foreign exchange transactions through their respective banks……CONTINUE READING 

**Dollar to Naira Black Market Rate Today**
– **Buying Rate:** N1695
– **Selling Rate:** N1700

**CBN Dollar to Naira Rate Today**
– **Buying Rate:** N1600
– **Selling Rate:** N1601

Please be aware that the rates you encounter when buying or selling foreign currency may differ from those presented here, as exchange rates can vary.

### MAN Condemns Increased Interest Rate

The Manufacturers Association of Nigeria (MAN) has voiced strong opposition to the recent increase in the Monetary Policy Rate (MPR) from 26.75% to 27.25% by the Central Bank of Nigeria (CBN), stating that it will significantly impact production.

In a statement released by MAN’s Director General, Segun Ajayi-Kadir, on Thursday, he expressed concerns regarding how the higher interest rate will escalate borrowing costs, production expenses, and ultimately, the prices of finished goods.

“With the rise in borrowing costs, manufacturers will face interest rates exceeding 35% on their credit facilities. This increase will undoubtedly result in higher production costs, elevated prices of finished goods, and diminished competitiveness in the market,” Ajayi-Kadir remarked.

He further highlighted that the ramifications of the higher interest rates extend beyond just manufacturers, hindering investment opportunities in essential areas like technology and expansion within the manufacturing sector.

“For instance, in the first half of this year, manufacturers incurred over N730 billion in capital expenses due to the ongoing rise in interest rates imposed by commercial banks. This situation stifles innovation, productivity, and growth,” he added.