Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 11th May 2024

Dollar to naira exchange rate today

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 10th 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 N1450 and sell at N1470 on Friday 10th 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 N1450
Selling Rate N1470

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1439
Selling Rate N1440

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

Nigeria’s Foreign Debt Service Costs Surge To $1.12 Billion Q1 2024

According to data released by the Central Bank of Nigeria (CBN), Nigeria spent a substantial $1.12 billion on servicing its foreign debts in the first quarter of 2024. This marks a significant increase of 39.7% compared to the $801.36 million spent during the same period in 2023.

The data indicates an alarming trend in debt service payments, which have been escalating over the past few years. In January 2024 alone, Nigeria disbursed $560.52 million for debt servicing, nearly five times that of January 2023’s $112.35 million.

Although there was a slight moderation in February and March, with payments amounting to $283.22 million and $276.17 million, respectively, the financial burden remained significant.

The increasing debt service payments have had a considerable impact on Nigeria’s dollar outflows. Nairametrics reported that approximately 70% of the nation’s official dollar outflows in the first quarter were dedicated to debt servicing, up from 49% in the first quarter of 2023. This surge in debt servicing has consumed a large chunk of Nigeria’s financial resources, raising concerns over the sustainability of such expenses.

Amidst these fiscal challenges, Nigeria’s foreign exchange reserves have experienced a significant downturn, attributed primarily to these hefty debt repayments and other standard financial obligations.

The Central Bank Governor, Yemi Cardoso, highlighted that the decline in reserves was not due to efforts to defend the naira but rather to the financial strain of fulfilling these international commitments.

The post Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 11th May 2024 appeared first on Naija News.

Spread the love