Current Black Market Dollar To Naira Exchange Rate For July 15, 2024

Current Black Market Dollar To Naira Exchange Rate For July 15, 2024....KINDLY READ THE FULL STORY HERE▶

What is the current exchange rate for the dollar to naira in the black market, also known as the parallel market (Aboki FX)? Below are the rates for July 14……… CONTINUE READING

**Current Rates:**

In the Lagos parallel market, the dollar is bought for **N1570** and sold for **N1575**, according to Bureau De Change (BDC) sources.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals seeking foreign exchange to use their banks.

#### Black Market Dollar to Naira Rates:

| **Type** | **Rate (NGN)** |
|——————–|—————-|
| Buying Rate | N1570 |
| Selling Rate | N1575 |

#### CBN Dollar to Naira Rates:

| **Type** | **Rate (NGN)** |
|——————–|—————-|
| Buying Rate | N1559 |
| Selling Rate | N1560 |

Keep in mind that actual rates may vary based on individual transactions.

### Interest Rates Expected to Drop Soon

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso has assured Nigerians that interest rates, currently at **30%**, will soon decrease. Cardoso explained that this rate was set by the Monetary Policy Committee (MPC) and is based on data-driven decisions.

This statement follows concerns raised by industry leaders, including Dangote Group Chairman Aliko Dangote and former presidential candidate Peter Obi. Dangote emphasized that a **30% interest rate** hinders job creation and economic growth. Meanwhile, Obi warned that such high rates would adversely affect Micro, Small, and Medium Enterprises (MSMEs), making it difficult for businesses to take loans amidst rising operational costs.