The naira has plummeted to a new low of N1600 per dollar at the black market, also known as the parallel market (Aboki fx), according to sources at Bureau De Change (BDC).
This represents a significant depreciation of the naira against the dollar, sparking concerns about the state of the economy.
The Central Bank of Nigeria (CBN) has directed individuals who want to engage in Forex to approach their respective banks, but the parallel market continues to thrive.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1596 and sell at N1600 on Thursday 15th August 2024.
In other news, Nigeria’s inflation rate has dropped to 33.40% in July 2024, according to the latest figures released by the National Bureau of Statistics (NBS). This represents a 0.79% decrease compared to the 34.19% recorded in June 2024.
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