What is the Dollar to Naira Exchange Rate at the Black Market, also known as the Parallel Market (Aboki FX)?
Please find below the black market exchange rate for the dollar to Naira on February 16. These are the rates at which you can exchange your dollar for Naira.
How much is a dollar to Naira today in the black market? Dollar to Naira Exchange Rate Today in the Black Market (Aboki Dollar Rate):
Dollar to Naira Black Market Rate Today, February 16, 2024:
- Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
- Buying Rate: N1625
- Selling Rate: N1635
While the Central Bank of Nigeria (CBN) sets the official foreign exchange rate, transactions happening outside authorized channels, like the parallel market, operate independently. It is recommended to use authorized channels like banks for foreign exchange transactions.
Black Market Dollar To Naira Exchange Rate Today 14 February 2024 | Abokifx Today
Dollar to Naira CBN Rate Today:
- Dollar to Naira (USD to NGN) CBN Rate Today
- Buying Rate: N1,500
- Selling Rate: N1,504
Meanwhile, at the Lagos Parallel Market, popularly referred to as the Black Market, the exchange rate between the dollar and the Naira concluded at 1645 per dollar yesterday, as reported by sources in the Bureau De Change (BDC).
Euro to Naira CBN Rate Today:
- Dollar to Naira (EUR to NGN) CBN Rate Today
- Buying Rate: N1,560
- Selling Rate: N1,561
Pounds to Naira Today CBN Rate:
- Dollar to Naira (Pounds to NGN) CBN Rate Today
- Buying Rate: N1,823
- Selling Rate: N1,824
Please be advised that the rates at which you buy or sell forex may differ from those displayed in this article due to price fluctuations.
FG Hopes to Borrow N2.5 Trillion from FGN Bond Auction in February
Meanwhile, the Federal Government aims to borrow N2.5 trillion from its second FGN bond auction of 2024, as indicated in the latest circular from the Debt Management Office (DMO).
According to the circular seen by Nairametrics, the auction is scheduled for February 19, 2024, with the settlement date set for February 21, 2024.
In the previous month, the DMO offered four bonds worth N90 billion each. The February auction appears to be the first time the Federal Government is seeking to borrow over a trillion through a single bond.
Details of the February Bond Offer: The bond offerings include:
- N1,250,000,000,000.00 – FGN FEB 2031 (7-Yr NEW)
- N1,250,000,000,000.00 – FGN FEB 2034 (10-Yr NEW)
While the first is expected to mature in seven years, the second will mature in 10 years. They are both newly created bonds, offered at a unit price of N1,000, with a minimum subscription requirement of N50,001,000 and subsequent increments in multiples of N1,000. Interest payments on FGN bonds are made semi-annually (twice a year).
About FGN Bonds: The FGN bonds meet the criteria outlined in the Trustee Investment Act, allowing trustees to invest in them. Additionally, they qualify as Government securities under the Company Income Tax Act (CITA) and Personal Income Tax Act (PITA), ensuring they are tax-exempt for Pension Funds and other investors.
After the bonds are auctioned in the primary market to the primary dealer market makers, the bonds are then listed on both the Nigerian Exchange Limited and FMDQ OTC Securities Exchange, which are the secondary markets.
What You Should Know:
- In 2023, the Federal Government raised about N5.49 trillion through FGN bond auctions, which were used to finance the 2023 budget deficit of N11.34 trillion.
- In January, the Federal Government raised about N418.197 billion from the four bonds that were auctioned.
- With the budget deficit in the 2024 budget set at N9.18 trillion, the Federal Government seems committed to borrowing more from the domestic market.
Keep up with the latest news and updates with Ejes Gist News, your reliable source for news in Nigeria right now on the Dollar to Naira Black Market.
