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Dollar Soars in Black Market as Naira Weakens Further – See Today’s Exchange Rate
The parallel market exchange rate between the US Dollar (USD) and Nigerian Naira (NGN) continues to fluctuate, with rates observed on Tuesday, April 15, 2025, showing further depreciation of the Naira.....KINDLY READ THE FULL STORY HERE▶
According to sources within the Bureau De Change (BDC), the dollar was bought at ₦1,600 and sold for ₦1,620 in Lagos’ black market. This trend reflects persistent pressure on the Naira amid growing economic challenges.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize the black market for forex transactions. The apex bank advises individuals and businesses to utilize official banking channels for foreign exchange dealings.
Black Market Rate – April 15, 2025:
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Buying Rate: ₦1,600
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Selling Rate: ₦1,620
CBN Official Rate Range – April 15, 2025:
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Highest Rate: ₦1,630
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Lowest Rate: ₦1,593
Please be advised that forex rates can vary depending on location and vendor, and may differ from those listed here.
In related economic news, the National Bureau of Statistics (NBS) has reported a rise in Nigeria’s inflation rate, with headline inflation climbing to 24.23% in March 2025, up from 23.18% in February. This marks a monthly increase of 1.05%, highlighting the growing cost of living pressures.
According to the NBS Consumer Price Index (CPI) report for March 2025, the CPI rose to 117.34, indicating a 4.4-point increase from the previous month. This rising inflation could further weaken consumer purchasing power and contribute to continued volatility in the forex market.
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