The Executive Board of the International Monetary Fund (IMF) has completed the Review of Poverty Reduction and Growth Trust (PRGT) Facilities and Financing, the IMF’s vehicle for providing concessional financing to low-income member countries.

In a statement on October 15, 2024, Kristalina Georgieva, Managing Director of the Fund announced: “Our membership today has adopted a comprehensive reform and financing package for the Poverty Reduction and Growth Trust (PRGT) to bolster the IMF’s support to low-income countries.”

“The package includes a framework to deploy IMF net income and/or reserves to generate about US$8 billion in additional subsidy resources for the PRGT over the next five years,” she noted.

She said: “Combined with other reform measures and last year’s successful bilateral fundraising, this would increase the PRGT’s long-term annual lending envelope to about US$3.6 billion, more than twice the pre-pandemic level, and help catalyse significant additional flows from public and private sources.”

This agreement, the IMF MD noted, “comes at a critical time as low-income countries have suffered a series of unprecedented shocks and face substantial financing needs.”

“With exceptionally high demand for PRGT financing, the approved package will generate the concessional resources necessary to ensure that the Fund can continue supporting low-income countries to implement sound policies and build strong institutions,” explained Ms Goeigieva.

These reforms, she highlighted, “will help tailor IMF support to country-specific needs, recognising the increasing economic heterogeneity of low-income countries.”

To ensure that scarce concessional resources are targeted to those most in need, she mentioned that, “A new interest rate mechanism will maintain interest-free lending for the poorest countries while ensuring that lending terms for others have a sufficient degree of concessionally.”

Access policies, she added, “Will allow for flexibility in calibrating Fund support, and safeguards will be strengthened and streamlined.”

“Our global membership has demonstrated once again its shared commitment to support our low-income members in challenging economic times,” she said.

Source: classfmonline.com

By Mario Deepromoter

WHEN we look at this month, USD was traded at ₦1690 at the beginning of this October on Tuesday, October 1, 2024. As at today with USD being traded at ₦1,699 we see a -16.89% decline for United States Dollar to Naira exchange rate for this month.

On this page, we are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

Black Market Exchange Rates
Buying Rate
Selling Rate
Dollar to Naira 1699 1688
Pounds to Naira 2252 2217
Euro to Naira 1854 1830
Canadian Dollar to Naira 1231 1223
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 70 50
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

Nairatoday com

The Nigerian naira has tumbled to an unprecedented low, trading at N1,700 per dollar in the parallel market on October 14, 2024. This marks a 0.29% decline from its previous rate of N1,695/$1 recorded just days earlier, despite a surge in crude oil prices, which have now surpassed $80 per barrel.

While the parallel market saw a significant drop, the naira remained relatively stable in the official Investors and Exporters (I&E) window, closing at N1,641.27/$1. However, this still represents a 1.14% depreciation from its earlier rate of N1,622.57/$1.

The growing disparity between the official exchange rate and the parallel market continues to expose the pressure on Nigeria’s foreign exchange system.

The naira has experienced a steep decline throughout 2024, losing over 50% of its value since January, when it traded at N907.11/$1. By October, the currency had crossed the N1,500/$1 threshold. After a temporary recovery in March to N1,303/$1, the currency has been on a consistent downward slide.

Key Data Points:
Parallel market rate: Naira dropped to N1,700 per dollar on October 14.
I&E window: Closed at N1,641.27/$1, marking a 1.15% drop from N1,622.57/$1.
Trading volume: Surged to $616.73 million, indicating rising demand for dollars.

Despite global oil prices climbing above $80 per barrel, the naira continues to weaken, largely due to a persistent shortage of dollars, inflationary pressures, and reliance on the parallel market. While higher oil prices would typically provide relief for oildependent economies, Nigeria’s foreign exchange system remains under strain.

Though the naira’s breach of N1,700/$1 is concerning, there is hope for a shortterm rebound. Rising oil prices and new economic policies aimed at curbing demand for foreign exchange may help stabilize the currency, with a potential return to the N1,600/$1 range. However, the broader economic environment, including inflation and forex supply, will determine the naira’s future trajectory.