Current Black Market USD To NGN Exchange Rate As Of September 15, 2024

Current Black Market USD To NGN Exchange Rate As Of September 15, 2024

What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Check out the latest rates below for September 14, 2024, and see how much you can get when swapping your dollars for Naira.

Current Black Market Rates:

• Buying Rate: ₦1665 per Dollar
• Selling Rate: ₦1670 per Dollar

These rates are based on information from Bureau De Change (BDC) sources in Lagos.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN advises individuals to conduct foreign exchange transactions through their banks.

Official CBN Rates for Comparison:

• Buying Rate: ₦1645 per Dollar
• Selling Rate: ₦1646 per Dollar

Keep in mind that actual rates may vary from those listed in this article due to fluctuations in the market.

Government Spends ₦701 Million on First Lady’s Foreign Trips

Recent reports reveal that the Federal Government allocated approximately ₦701 million for the foreign trips of Nigeria’s First Lady, Remi Tinubu, over a three-month period.

In 2023, the Federal Government budgeted ₦1.5 billion for vehicles for the Office of the First Lady, as part of the ₦2.1 trillion supplementary budget approved by the National Assembly. This budget also included ₦2.9 billion for sport utility vehicles for the Presidential Villa and an additional ₦2.9 billion to replace operational vehicles for the Presidency.

Despite claims by former Chief Whip of the Senate, Ali Ndume, that the ₦1.5 billion was allocated for the Presidency and not specifically for the First Lady’s office, a report by Punch confirms that ₦700,707,532 was spent on the First Lady’s trips to five countries, including two African nations. This expenditure was tracked using GovSpend, a civic tech platform that monitors government spending.

On November 17, 2023, the government released ₦77,659,888 from the State House headquarters transit account for foreign exchange ($94,314) to fund the First Lady’s trip to the United States.