The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1700.00 per $1 on Wednesday , October 2 , 2024. Naira traded as high as 1601.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1695 and sell at N1700 on Tuesday 1st October 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1695 |
| Selling Rate | N1700 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1600 |
| Selling Rate | N1601 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
MAN Condemns Interest Rate At 27.25%, Says It Will Kill Production
The Manufacturers Association of Nigeria (MAN) has said the increased interest rate from 26.75 percent to 27.25 percent by the Monetary Policy Rate (MPR) of the Central Bank of Nigeria (CBN) would affect production.
The Director General of MAN, Mr. Segun Ajayi-Kadir, said on Thursday in a statement titled ‘Reaction of MAN on the Report of MPC Meeting on September 23-24, 2024’.
He noted that the interest rate would increase borrowing cost, cost of production and lead to higher price of finished goods.
“With the increase in borrowing costs, manufacturers will now pay over 35 percent on their credit facilities. Clearly, this will lead to increase in production costs, higher prices of finished goods, lower competitiveness and production capacity expansion.
“The impact of higher interest rates goes beyond compounding the challenges of manufacturers; it stifles opportunities for investment in crucial areas such as technology, retooling, and expansion within the manufacturing sector.
“Manufacturers will, all the more, be compelled to choose servicing existing credit facilities over expansion and investment in new product lines.
“For instance, over the first six months of the year, manufacturers incurred more than N730 billion in capital expenses due to the continuous rise in interest rates imposed by commercial banks.
