Black Market Dollar Hits Record High: USD To Naira Skyrockets Today, December 20, 2024

What is the Black Market Dollar to Naira Exchange Rate Today, December 20, 2024?....KINDLY READ THE FULL STORY HERE▶

Check the latest exchange rate for the Dollar to Naira in the black market (also known as the parallel market, or Aboki FX) for December 19, 2024. You can exchange your US dollars for Naira at these rates

How much is the Dollar to Naira exchange rate today in the black market?

Black Market Dollar to Naira Exchange Rate: On December 19, 2024, the rate for exchanging US dollars in the Lagos Parallel Market (Black Market) was N1655 for buying and N1660 for selling, as reported by Bureau De Change (BDC) sources.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and has advised individuals to conduct foreign exchange transactions through their banks.

Black Market Dollar to Naira Rates Today:

• Buying Rate: N1655
• Selling Rate: N1660

CBN Dollar to Naira Exchange Rate Today:

• Highest Rate: N1550
• Lowest Rate: N1531

Keep in mind that the actual rates at which you can buy or sell foreign currency may differ from the figures mentioned here due to market fluctuations.

In related news, the Federal Government’s expenditure on electricity subsidies increased to ₦199.64 billion in December 2024, marking a 2.76% rise from the previous month. This rise was attributed to changes in economic indicators, including the exchange rate, which was pegged at ₦1,687.45 to the dollar by the Nigerian Electricity Regulatory Commission (NERC). Additionally, inflation increased to 33.9%, and power generation capacity underwent changes.

Despite these fluctuations, electricity tariffs for all customer categories were maintained, with Band A customers continuing to pay ₦209/kWh, while tariffs for Bands B to E remain unchanged since December 2022. This has led to a rise in subsidies, with the Federal Government expected to spend ₦29.10 billion in December 2024 for consumers under the Abuja Electricity Distribution Company (AEDC) and ₦26.68 billion for those under Ikeja Electric.