Economy
See Exchange Rate As Dollar Continues To Rise Against Naira
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/02/Naira-against-dollar.jpg&description=See Exchange Rate As Dollar Continues To Rise Against Naira', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/02/Naira-against-dollar.jpg&description=See Exchange Rate As Dollar Continues To Rise Against Naira', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
Dollar traded near three-month highs to major peers on Wednesday giving the naira little room to maneuver as forex traders pushed back bets for a first Federal Reserve interest rate cut following surprisingly hot U.S. inflation figures overnight.
The naira traded settled around N1,499/ from an all-time low of N1,534/$ on the official Nigerian Autonomous Foreign Exchange Market.
At the black market where residents who can’t access the official market are forced to obtain foreign currency, the naira traded stronger at N1,517 per dollar
The naira is facing strong headwinds as the availability of the greenback in local markets plummeted sharply, adding pressure on CBN to raise interest rates to attract foreign exchange inflows at its policy meeting scheduled to be held later this month.
The CBN at the start of the year has taken several monetary actions to improve investor confidence, pricing, and market dollar liquidity.
The CBN’s chief, Mr. Yemi Cardoso informed lawmakers that FPIs have already started to provide the economy with much-needed foreign cash because of the changes, revealing that more than $1 billion has been drawn into the market consequently.
The US Consumer Price Index (CPI) reported headline and core inflation figures for the monthly and annual benchmarks that were higher than anticipated.
The positive surprise is a cold shower for markets that were expecting deeper deflation and were solely concerned about a rate cut in March or June. Given these circumstances, even a rate cut in June is beginning to seem quite unlikely.
According to LSEG’s rate probability app, federal funds futures currently price in no rate cut in March and a lower than 50% chance of easing in May. This comes after the U.S. consumer price index (CPI) increased 3.1% from a year ago in January, compared with an estimated 2.9% rise.
The recent CPI report has indicated that the disinflationary path that investors had anticipated no longer reflects the real scenario.
March rate reductions are implausible, and as of right now, June rate cuts seem improbable as well. It’s now time for another push-and-pull readjustment in the US dollar, with the DXY moving to 105 and greater upside this time.
There is still one more CPI report, and the March decision is more than a month away. The US dollar strengthened, and the markets took a hit, but volatility is expected to persist.
See Exchange Rate As Naira Gains 0.07%
The Black Market Dollar-to-Naira Exchange Rate for 24th June 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 24th June 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1395 and buy at ₦1385 on Wednesday, 24th June, 2026, 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
Selling Rate ₦1395
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1365
The Nigerian naira traded at relatively stable levels against the United States dollar on Tuesday, June 23, 2026, across both the official and parallel foreign exchange markets, as market participants continued to monitor liquidity conditions and foreign exchange demand.
Latest data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira exchanged at approximately ₦1,366.41 per dollar at the official market. The NFEM rate, which is published by the Central Bank of Nigeria, represents the volume-weighted average exchange rate for the day.
The official exchange rate has remained within the ₦1,350-₦1,370 range in recent weeks, supported by improved liquidity and sustained foreign portfolio inflows into local assets.
In the parallel market, also known as the black market, the dollar traded at around ₦1,400 for buying and between ₦1,410 and ₦1,420 for selling, depending on location and dealer quotations.
The spread between the official and parallel market rates remained relatively narrow compared with previous years, reflecting ongoing reforms aimed at improving transparency and efficiency in Nigeria’s foreign exchange market.
Currency traders said demand for dollars from importers, travellers and businesses remained steady, although the naira has benefited from increased confidence in the foreign exchange market and improved dollar supply.
Analysts noted that exchange rates could continue to fluctuate in response to changes in foreign exchange inflows, global oil prices and domestic economic conditions.
As of the prevailing rates, $100 would exchange for about ₦136,641 at the official NFEM window, while the same amount could fetch between ₦141,000 and ₦142,000 in the parallel market.
Foreign exchange rates remain subject to intraday movements and may vary across banks, bureaux de change operators and other market participants.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
ScienceOpen Names Nigerian Scholar-Journalist Max Amuchie Expert Member
BREAKING: Nigerian Government Hit with N10m ECOWAS Court Award for Assault on Journalist Oyekunle
Sowore to relax in Kuje prison as court fixes June 30 for bail ruling
-
Metro12 hours agoAlleged Drug Trafficking: Billionaire, Two Others Face Trial in Lagos
-
Foreign12 hours agoUS Targets Alleged ISIS Funding Network, Names Nigerian
-
News12 hours agoHajj: NAHCON concludes return of pilgrims’ airlifts
-
News12 hours agoBenin monarch to place a curse on kidnappers, armed robbers, fixes date
-
News4 hours agoDAY 11 of Projects Commissioning in the FCT: TInubu set to commission Kuje, Gwagwalada road today
-
Sports12 hours agoSuper Eagles: Chelle, NFF Reach New Contract
-
News12 hours agoIGP bans unauthorised social media use by Police Officers
-
News21 hours agoJust in: Kidnapped APC Chairman, Another Victim Die in Abductors hideout