Black Market Dollar To Naira (NGN) Exchange Rate Report – May 5th, 2024

Black Market Dollar To Naira (NGN) Exchange Rate Report – May 5th, 2024

Today’s Dollar to Naira Exchange Rate

Wondering about the current Dollar to Naira exchange rate, especially in the black market or parallel market (Aboki fx)? Check out the rates for May 4th below to gauge your exchange possibilities…….READ ALSO Black Market Dollar To Naira Exchange Rate Today May 4th, 2024

How much is a dollar worth in Naira today?

In the black market (Aboki dollar rate), players in Lagos bought a dollar for N1380 and sold it at N1420 on May 4th, 2024, as reported by sources at Bureau De Change (BDC).

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals to conduct Forex transactions through their respective banks.

Black Market Dollar to Naira Exchange Rate Today

– Buying Rate: N1380
– Selling Rate: N1420

CBN Dollar to Naira Exchange Rate Today

– Buying Rate: N1441
– Selling Rate: N1442

Remember, actual Forex rates may differ from those mentioned here due to market fluctuations.

NDIC Raises Deposit Insurance Coverage for Banks and Mobile Money Operators

In other news, the Nigeria Deposit Insurance Corporation (NDIC) has announced an increase in deposit insurance coverage for all licensed deposit-taking financial institutions.

During a press briefing in Abuja on Thursday, NDIC Managing Director/Chief Executive Bello Hassan stated that this coverage ensures depositors are reimbursed up to a certain limit in case of a bank failure. This increment applies to various financial entities including Deposit Money Banks (DMBs), Microfinance Banks (MFBs), Primary Mortgage Banks (PMBs), Payment Service Banks (PSBs), and Mobile Money Operators (MMOs).

Hassan emphasized that by enhancing deposit insurance coverage, the corporation aims to fortify the banking system and promote greater financial inclusion across the nation.

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