What’s the Dollar to Naira Exchange Rate Today in the Black Market?
So, what’s the black market dollar to naira exchange rate for today? If you’ve been wondering how much you can swap your USD for naira, here’s the latest update for October 2nd, 2024.
- Buying Rate: N1695
- Selling Rate: N1700
If you’re exchanging dollars for naira today, the black market offers a selling rate of N1700. Quite a difference from the official CBN rates, right?
CBN’s Official Dollar to Naira Rate
For those who stick to the CBN official rate, here’s what you’re looking at:
- Buying Rate: N1600
- Selling Rate: N1601
The Central Bank of Nigeria (CBN) doesn’t recognize the parallel market, so they recommend individuals looking to buy or sell forex to go through their banks. But in reality, many people prefer the flexibility and (often) better rates of the black market. That is to say Aboki Exchange rate is higher than CBN Exchange rate which is why people prefer to trade with them.
Rising Interest Rates: What’s Next for Nigerian Manufacturers?
In other news, manufacturers in Nigeria are feeling the heat. The Manufacturers Association of Nigeria (MAN) is sounding the alarm over a recent interest rate hike from 26.75% to 27.25%. Now, this might seem like just a small increase, but it has big implications for businesses across the country.
According to Segun Ajayi-Kadir, the Director-General of MAN, this hike will make borrowing even more expensive, which means higher costs for production and, unfortunately, higher prices for goods on the market.
- More Expensive Loans: Manufacturers could face interest rates over 35% for credit, which isn’t exactly business-friendly.
- Rising Costs: Increased loan rates mean that manufacturers will likely pass these costs onto consumers, leading to higher prices for everyday products.
- Limited Expansion: Instead of investing in growth or new technology, many businesses will focus on simply paying off debts.
Over the first half of this year, manufacturers already spent over N730 billion just in capital expenses, thanks to rising loan rates. And with this new interest rate hike, it doesn’t seem like things are going to get easier any time soon.
