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Econony

Black Market Dollar To Naira Exchange Rate Today

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Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1600 and sell at N1610 on Monday 4th March 2024, 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
Buying Rate N1600
Selling Rate N1610
Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1543
Selling Rate 1544

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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Econony

SEE Black Market Dollar To Naira Exchange Rate Today 23rd April 2024

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Black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at a certain rate, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

 

What is the naira to dollar black market rate today?

The local currency (abokiFx) opened at ₦1,250.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 23 April 2024, in Lagos Nigeria, after it closed at ₦1,230.00 per $1 on Monday, 22 April 2024.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,230
Selling Rate of $1 ₦1,250
What Is The Official Exchange Rate For Dollar To Naira Today: Dollar to Naira CBN Rate Today?

 

The exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange, the official forex trading portal showed that the Naira opened at ₦1,150 per dollar on Tuesday, 23 April 2024, and closed at ₦1,149 per $1 on Wednesday, 10 April 2024.

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate of $1 ₦1,149
Selling Rate of $1 ₦1,150

NOTE: The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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Econony

Nigeria set to receive fresh $2.2bn World Bank loan – Edun

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The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World bank and another budget support facility from the African Development Bank.

Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund Spring meeting in Washington DC, the United States on Saturday.

Speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development partners.

He stated, “We have qualified for the processing just this week to the Board of Directors of the World bank of a total package of $2.25 billion of what you can call ‘the closest you can get to a free lunch’- virtually a grant. It’s for about 10- 20 years moratorium and about 1% interest.

“In addition, there is a similar budgetary support – low-interest funding from the African Development Bank (AfDB) and, clearly, there are ongoing discussions with foreign direct investors across many sectors.”

Edun also tapped issuing dollar-denominated securities specifically targeted at Nigerians in the diaspora and those with foreign-denominated savings in Nigeria as another measure to attract forex inflows into the country.

He further highlighted the efforts of the fiscal side of the economy in complimenting the recent monetary policy reforms by the Central Bank of Nigeria.

According to the minister, the issuing of government securities at an interest rate closer to the CBN’s monetary policy rate is an indication of the collaboration between both sides of the economy in tackling inflation in the country and attracting forex inflows.

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Naira loses N81 to dollar

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The naira recorded N81.34 depreciation against the US dollar in a single day at the foreign exchange market.

FMDQ data showed that the naira tumbled to N1,154.08 per dollar on Thursday from N1,072.74 on Wednesday.

This represents a 7.04 per cent loss against the dollar compared to N1,072.74 per dollar traded the previous day.

Similarly, at the parallel market the naira depreciated N1,100 per dollar on Thursday from N1, 040 on Wednesday.

Accordingly, this is the second time the naira is depreciating against the dollar in three days amid fears of depleting foreign exchange reserves.

Meanwhile, the governor of the Central Bank of Nigeria, Olayemi Cardoso, in a statement on Wednesday said the country received $600 million inflow into its foreign reserves recently.

Earlier, Nigeria’s FX reserves dropped to $32.29 billion as of April 15.

However, Cardoso said as long as there is liquidity in the country’s FX market, Naira’s gain can be sustained.

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