Today’s Exchange Rate: Black Market USD to Naira on 10th June 2024

Black Market Exchange Rate for Dollar to Naira on 9th June:

The exchange rate at the Lagos Parallel Market (Black Market) was buying a Dollar for N1490 and selling at N1495 on Sunday, 9th June 2024, according to Bureau de change (BDC) sources.

Current Black Market Exchange Rate

(Aboki Dollar Rate):

Buying Rate: N1490
Selling Rate: N1495

CBN Exchange Rate Today:
Buying Rate: N1484
Selling Rate: N1485

The Central bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to use their respective banks for forex transactions.

IMF’s Inflation Rate Prediction for Nigeria:

IMF predicts Nigeria’s inflation rate will stabilize at 14% in 2029, a decrease from the current rate of 33.69% as of April 2024, as reported by the National Bureau of Statistics.

The IMF projects a gradual decline in inflation from 23% in 2025 to 16% in 2026, 15.4% in 2027, leading to stabilization at 14% in both 2028 and 2029.

This forecasted stabilization brings relief amidst concerns about Nigeria’s escalating inflation, providing a positive outlook for the economy facing challenges with rising inflation and interest rates.