Today’s Black Market Exchange Rate: USD To NGN On August 30, 2024

Today’s Black Market Exchange Rate: USD To NGN On August 30, 2024

Here is the latest Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki FX), for August 29, 2024…..CONTINUE READING 

– **Buying Rate:** ₦1615
– **Selling Rate:** ₦1630

At the Lagos Parallel Market, these rates are indicative of what you might receive when exchanging USD for NGN. The Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to use official banks for foreign exchange transactions.

**Current Exchange Rates:**

– **Black Market (USD to NGN)**
– Buying Rate: ₦1615
– Selling Rate: ₦1630

– **CBN Official Rate (USD to NGN)**
– Buying Rate: ₦1602
– Selling Rate: ₦1603

Please note that actual rates may vary depending on the source and time of transaction.

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**Airfare Increase: Domestic Flight Prices Rise to ₦98,561**

Domestic airfare in Nigeria saw a significant rise in July 2024, with a 25% increase compared to the previous year, according to the Nigerian Bureau of Statistics (NBS). The average cost for a single journey climbed to ₦98,561.74, up from ₦78,775.74 in July 2023.

This increase follows the federal government’s recent decision to raise tax charges on airlines, despite concerns from the Airline Operators of Nigeria about multiple taxation.

Interestingly, while airfares surged, prices for other transportation modes, such as buses and motorcycles, saw a decline. The average cost of an intra-city bus ride dropped by 2.18% from ₦963.58 in June to ₦942.61 in July 2024. Intercity bus fares increased slightly by 0.35%, reaching ₦7,117.17.

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