The United States dollar was traded at ₦1,545 in the black market as of Wednesday, July 10, 2024.
This represents a -15.34% decline in the value of the dollar against the naira this week and -15.14% decline for this month.
In the parallel market in Lagos, a dollar was bought for ₦1,530 and sold for ₦1,540 on Tuesday, July 9. It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, and has directed individuals who want to engage in Forex to approach their respective banks.
The constant fluctuations in the exchange rate between the dollar and naira has led to instability in the foreign exchange market. The naira has lost significant value against the dollar, resulting in increased cost of goods and services in the international market. Despite efforts by past administrations to stabilize the naira, the currency has continued to struggle against the dollar.