Black Market Dollar To Naira Exchange Rate Today 28th April 2024

Black Market Dollar To Naira Exchange Rate Today 28th April 2024

Curious about the current exchange rate of the Dollar to Naira in the black market, also known as the parallel market (Aboki fx)? Check out the rates for 27th April below and consider swapping your dollar for Naira accordingly…….READ ALSO Black Market Dollar To Naira Exchange Rate Today, April 27th, 2024

As of Saturday, 27th April 2024, players in the Lagos Parallel Market (Black Market) were buying a dollar for N1380 and selling at N1410, according to sources at Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market) for forex transactions. Individuals interested in engaging in Forex are directed to approach their respective banks.

Dollar to Naira Black Market Rate Today

• Buying Rate: N1380
• Selling Rate: N1410

Dollar to Naira CBN Rate Today

• Buying Rate: N1164
• Selling Rate: N1165

Please bear in mind that the rates you buy or sell forex may vary from those mentioned here as prices fluctuate.

Federal Government’s Borrowing Surges To N8.2 Trillion Despite Claims Of No New Debt

Recent data from the Central Bank of Nigeria’s latest statistics bulletin for Q4 2023 reveals that the Federal Government of Nigeria has incurred an additional N3.8 trillion in Ways and Means borrowing from the CBN in the last six months of 2023, bringing the total balance to N8.2 trillion as of December 2023.

This increase starkly contrasts earlier statements from government officials indicating no new borrowing under President Bola Tinubu’s administration.

The Ways and Means mechanism permits the government to secure short-term or emergency financing from the CBN to manage cash flow shortages. The data illustrates a significant escalation in balances, rising from N4.36 trillion in June 2023 to N8.21 trillion by December 2023—an 88% surge in just six months.

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, this discrepancy underscores ongoing challenges in managing the nation’s fiscal stability amid pressing economic needs.

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