Politics
Black Market Dollar To Naira Exchange Rate For November 12th, 2024
Black Market Dollar To Naira Exchange Rate For November 12th, 2024The exchange rate for the US dollar to Nigerian naira in the black market, also known as the parallel market or Aboki FX, has been updated for November 10th, 2024. As of this date, the exchange rate at the Lagos parallel market is as follows:....KINDLY READ THE FULL STORY HERE▶
•Buying Rate: ₦1,725
•Selling Rate: ₦1,735
This information is based on data provided by Bureau De Change (BDC) sources in Lagos.
Official CBN Dollar to Naira Rate for Today
In contrast to the black market rates, the Central Bank of Nigeria (CBN) sets its official exchange rate. As of today, the CBN rate for USD to Naira is:
•Buying Rate: ₦1,654
•Selling Rate: ₦1,655
It’s important to note that the CBN does not recognize the parallel market, as it directs individuals to approach their banks for foreign exchange transactions. Therefore, the rates in the black market may vary from what is captured here.
Economic Outlook: Fuel Prices and Naira Projections
In other news, economist and CEO of Financial Derivatives Company Limited, Mr. Bismarck Rewane, has projected a potential rise in fuel prices and further depreciation of the Naira in the coming months. According to Rewane’s November 2024 economic forecast, petrol prices in Nigeria could reach ₦1,200 per litre. He also predicts that by January 2025, the Naira may weaken further, reaching ₦1,550 to the US dollar.
Rewane attributed these potential changes to global oil price fluctuations and logistical distribution costs. Despite expectations around the Dangote Refinery, he cautioned that while the refinery will help ensure supply, it may not stabilize prices due to its cost-plus margin model, which is tied to global crude prices.
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