Current Black Market USD To Naira Rate As Of July 28, 2024

Current Black Market USD To Naira Rate As Of July 28, 2024

As of July 27, 2024, the exchange rate for USD to NGN in the Lagos Black Market (parallel market) is as follows:…… CONTINUE READING 

– **Buying Rate:** ₦1,585 per USD
– **Selling Rate:** ₦1,593 per USD

Please be aware that these rates are indicative and can fluctuate based on market conditions.

The Central Bank of Nigeria (CBN) does not recognize the black market rates and advises individuals seeking foreign exchange to use their banks.

**CBN Exchange Rates for USD to Naira:**
– **Buying Rate:** ₦1,601
– **Selling Rate:** ₦1,602

Note that the rates you encounter may vary from those mentioned here.

**CBN Forex Intervention:**
In an effort to stabilize the naira and address its recent depreciation, the CBN has released $148 million to 29 authorized dealers. This intervention, disclosed on July 26, 2024, follows prior sales aimed at market stability, with recent exchange rates ranging from ₦1,470 to ₦1,510 per USD.

Previously, the CBN sold $122.67 million to 46 dealers and $20,000 to each Bureau De Change (BDC) at ₦1,450 per USD. Despite these measures, the naira has continued to weaken, trading above ₦1,600 per USD at the official market. The ongoing depreciation is raising concerns about increased import costs and inflationary pressures.