Today’s Black Market Dollar To Naira Exchange Rate – 8th July 2024

Today’s Black Market Dollar To Naira Exchange Rate – 8th July 2024....KINDLY READ THE FULL STORY HERE▶

Here is the black market Dollar to Naira exchange rate for 7th July. You can exchange your dollars for Naira at these rates…….. CONTINUE READING

**Black Market Dollar to Naira Exchange Rate Today**

How much is a dollar to naira today in the black market? Here are the current rates for the Lagos Parallel Market (Black Market):

– **Buying Rate:** N1520
– **Selling Rate:** N1530

These rates are sourced from Bureau De Change (BDC) operators as of Sunday, 7th July 2024.

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

**Dollar to Naira Black Market Rate Today**

| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
|——————————|———————————-|
| Buying Rate | N1520 |
| Selling Rate | N1530 |

**Dollar to Naira CBN Rate Today**

| Dollar to Naira (USD to NGN) | CBN Rate Today |
|——————————|—————-|
| Buying Rate | N1516 |
| Selling Rate | N1517 |

Please note that the rates for buying or selling forex may differ from those mentioned here, as prices can vary.

**Nigeria’s Foreign Exchange Reserves Hit $34.7 Billion**

Nigeria’s Foreign Exchange (FX) reserves have reached a peak of $34.7 billion, according to the Central Bank of Nigeria’s latest figures. This marks an increase of $110 million from the previous day, when reserves were at $34.5 billion.

Over the past week, the reserves have risen by $316 million since July 1. This increase is attributed to several factors, including a recent surge in oil prices, improved remittances from the diaspora, and the Central Bank’s efforts to stabilize the local currency.

Analysts view this rise in international currency reserves as beneficial for Nigeria’s economy, as it provides protection against external shocks and enhances the nation’s ability to meet its financial obligations.

A recent assessment by Fitch Ratings has given a positive outlook on Nigeria’s economic situation, citing major reforms that have restored macroeconomic stability and improved policy consistency. Fitch stated, “The positive outlook partly reflects reforms over the last year, which have reduced distortions stemming from previous unconventional monetary and exchange rate policies.”