Black Market Dollar To Naira Exchange Rate Today 11th October 2022
Black Market Dollar To Naira Exchange Rate Today 11th October 2022
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 October, 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 N733 and sell at N740 on Monday, 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 | 733 |
| Selling Rate | 740 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices varies.
The Central Bank of Nigeria (CBN) has said its loan to the Federal Government has risen from N20.61tn in July 2022 to N22.07tn in August 2022.
According to data from the CBN, the apex bank said the Muhammadu Buhari government borrowed N1.46tn through Ways and Means Advances in August 2022.
Ezenwoko’s Blog reports that Ways and Means Advances is a loan facility through which the CBN finances the shortfalls in the government’s budget.
The CBN stated that the government borrowed a total of N4.61tn from the apex bank between January and August.
However, the CBN has said on its website that the Federal Government’s borrowing from it through the Ways and Means Advances could have adverse effects on the bank’s monetary policy to the detriment of domestic prices and exchange rates.
“The direct consequence of central banks’ financing of deficits are distortions or surges in monetary base leading to adverse effect on domestic prices and exchange rates i.e macroeconomic instability because of excess liquidity that has been injected into the economy,” it said.
According to Section 38 of the CBN Act, 2007, the apex bank may grant temporary advances to the Federal Government with regard to temporary deficiency of budget revenue at such rate of interest as the bank may determine.