Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 28th April 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 27th April, 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 N1380 and sell at N1410 on Saturday 27th April 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 N1380
Selling Rate N1410

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1164
Selling Rate N1165

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 of Nigeria has incurred an additional N3.8 trillion in Ways and Means borrowing from the Central Bank of Nigeria (CBN) in the last six months of 2023, according to provisional data from the CBN’s latest statistics bulletin for Q4 2023.

This increase raises the total balance to N8.2 trillion as of December 2023, contrasting with earlier statements from government officials indicating no new borrowing under President Bola Tinubu’s administration.

The Ways and Means mechanism allows the government to secure short-term or emergency financing from the CBN to manage cash flow shortages. Data shows a significant escalation in balances from N4.36 trillion at the end of June 2023, climbing steadily each month to reach N8.21 trillion by year-end—an 88% rise in just six months.

This development comes despite assurances from Wale Edun, Minister of Finance and Coordinating Minister of the Economy, asserting that the new administration had not engaged in new borrowing from the CBN. The discrepancy highlights ongoing challenges in managing the nation’s fiscal stability amid pressing economic needs.