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Politics

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 16th May 2024

nigerian naira

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 15th May, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

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 N1540 and sell at N1550 on Wednesday 15th May 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 N1540
Selling Rate N1550

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1501
Selling Rate N1502

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

The Federal Government is contemplating a supplementary budget to accommodate a proposed increase in the minimum wage, as ongoing negotiations are likely to exceed the allocations in the 2024 fiscal plan, according to the International Monetary Fund (IMF).

In its latest staff country report on Nigeria, the IMF mentioned, “The authorities noted that a supplementary budget may be needed to accommodate the outcome of the ongoing wage structure negotiations, which may exceed what they had included in the 2024 budget.”

Naijaonpoint reports that the adjustment is crucial as the government is also considering raising domestic and external borrowing ceilings to avoid new borrowings from the Central Bank of Nigeria’s Ways and Means facility.

Negotiations for the new minimum wage have been central to discussions between Organized Labour and the government.

These discussions aim to ease the economic burdens faced by workers due to recent policy changes, such as the removal of fuel subsidies and the unification of the foreign exchange markets, which have pushed the cost of living higher.

Labour leaders have demanded a substantial increase in the minimum wage for the lowest-ranked workers from N30,000 to N615,000, although there are indications that the tripartite committee might settle for N70,000.

In the 2024 budget, the government initially allocated N6.48 trillion for personnel costs. However, this figure may fall short of the requirements due to the new wage structure.

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