Today’s Dollar To Naira Exchange Rate On The Black Market – July 26, 2024

Today’s Dollar To Naira Exchange Rate On The Black Market – July 26, 2024

As of July 25, 2024, the exchange rate in Lagos’ parallel market (black market) is as follows:
– **Buying Rate**: ₦1590 per dollar
– **Selling Rate**: ₦1595 per dollar

Please note, the Central Bank of Nigeria (CBN) does not officially recognize these rates, as it advises individuals to use their banks for foreign exchange transactions…….. CONTINUE READING

**Official CBN Exchange Rates:**
– **Buying Rate**: ₦1598 per dollar
– **Selling Rate**: ₦1599 per dollar

Rates may vary from those listed due to fluctuations in the market.

**Impact of CBN’s New Interest Rate:**

The Manufacturing Association of Nigeria (MAN) has expressed concerns about the Central Bank of Nigeria’s (CBN) recent increase in the Monetary Policy Rate (MPR) from 26.25% to 26.75%. This decision could further impact the manufacturing sector by reducing consumer purchasing power, lowering production levels, and affecting competitiveness and sales.

Following the CBN’s 296th Monetary Policy Committee (MPC) meeting, it was announced that the asymmetric corridor around the MPR has been widened, and the Cash Reserve Ratio (CRR) and Liquidity Ratio remain unchanged.

Despite these measures, inflation continues to be high, reaching 34.19% in June, the highest since March 1996, according to Naija News.