The dollar to naira exchange rate at the black market, also known as the parallel market or Aboki fx, has reached N1523 for selling and N1510 for buying, according to sources at Bureau De Change (BDC) on July 2, 2024.
This development comes amid controversy surrounding the removal of fuel subsidy and devaluation of naira by President Bola Tinubu’s administration.
Professor Kingsley Moghalu, former Deputy Governor of the Central Bank of Nigeria (CBN), has criticized the implementation of these policies, stating that they were “right policies wrongly implemented.” Moghalu argued that the previous administration’s defense of naira and fuel subsidy was unsustainable, but the current administration’s execution of their removal was flawed.
“The petrol subsidy and the forex subsidy were unsustainable. The fact that wrongheaded execution of their removal…is a very different thing from whether those reforms were needed,” Moghalu said. “The issue was, and is, competence of conception and execution. Framing and executing evidence-based public policy is a real challenge for Nigeria and many African countries.”
READ ALSO: Naira Depreciates Over 40% in First Half of 2024, Despite CBN Reforms
Moghalu emphasized that the removal of fuel subsidy and floating of the exchange rate without proper planning and monetary tightening has led to suffering for Nigerians. He urged for a more competent approach to economic policy-making, saying, “My position on the fuel subsidy and exchange rate subsidy, given our country’s fiscal realities in 2023, remains consistent and not populist.”
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Recall that the Central Bank of Nigeria (CBN) has directed individuals to approach their respective banks for Forex transactions, as it does not recognize the parallel market. The dollar to naira exchange rate at the CBN is currently N1508 for buying and N1509 for selling. However, prices may vary due to market fluctuations.
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