Economy
FG’s deficit spending declines 15% to N908.13bn
The Federal Government’s (FG) deficit spending saw a 15 percent reduction month-on-month (MoM), falling to N908.13 billion in November 2024 from N1.07 trillion in October 2024.
This information was disclosed by the Central Bank of Nigeria (CBN) in its November Economic Report, which noted that the decline was linked to a decrease in capital spending, attributed to delays in the release of capital allocations.
The CBN said: “The overall fiscal balance of the FGN narrowed in November 2024.
“Provisional data showed that the overall deficit contracted by 15 per cent relative to the preceding month but was 18.72 per cent above the target.
“The contraction reflected lower capital spending due, largely, to delay in capital releases.”
The CBN also said that FG’s retained revenue rose to N820 billion while its expenditure fell to N1.7 trillion due to lower capital spending recorded during the review period.
According to the CBN, “FGN retained revenue rose during the review period owing, largely, to higher receipts from FGN’s share of VAT pool and exchange gain.”
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for ₦1560 and sell at ₦1570 on Monday 24th March, 2025, 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
₦1560
Selling Rate
₦1570
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Highest Rate
₦1537
Lowest Rate
₦1527
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
What is the Current Dollar to Naira Exchange Rate in the Black Market (Parallel Market)?
Go through the latest Dollar to Naira exchange rate in the black market (also known as the parallel market) for March 23, 2025, below. You can exchange your dollars for Naira at these rates.
How Much is a Dollar to Naira Today in the Black Market?
The exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) on Sunday, March 23, 2025, is as follows:
Buying Rate: ₦1585
Selling Rate: ₦1590
These rates were confirmed by Bureau De Change (BDC) sources.
Please note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market, and it advises individuals wishing to engage in Forex trading to go through their respective banks.
Dollar to Naira Black Market Exchange Rate for Today:
Buying Rate: ₦1585
Selling Rate: ₦1590
Dollar to Naira CBN Exchange Rate Today:
Highest Rate: ₦1545
Lowest Rate: ₦1526
Keep in mind that the rates you experience when buying or selling Forex might differ from what is presented in this article, as prices can fluctuate
The exchange rate for the US dollar to the Nigerian naira in the black market, also known as the parallel market (Aboki FX), has been released.
As of Wednesday, 19th March 2025, traders at the Lagos Parallel Market (Black Market) were buying dollars at ₦1575 and selling at ₦1585, according to sources from the Bureau De Change (BDC).
Official CBN Exchange Rate
The Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to conduct foreign exchange transactions through official banking channels. The official exchange rates recorded by the CBN are as follows:
Highest Rate: ₦1545
Lowest Rate: ₦1500
It is important to note that foreign exchange rates may vary depending on the location and financial institution handling the transaction.
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