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, Euro to Naira black market, Pounds to Naira black market for April 21, 2024, 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) yesterday closed at N1145 per dollar according to data obtained from Bureau De Change (BDC) operators.
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Dollar to Naira Black Market Rate Today.
How much is $1 in Nigeria black market today?
CBN exchange rate dollar to Naira today
The CBN exchange rate dollar to Naira today is:
The Dollar to Naira Bank rate today is also the same as the CBN official rate. The only difference is just one to two naira difference from one bank to another.
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.
The rates you buy or sell forex at Aboki exchange rate today in Lagos and other Aboki Forex rates may be different from what is captured in this article because prices vary.
Pounds to Naira Today
Pounds to NGN CBN Rate Today
- Buying Rate: N1,430
- Selling Rate: N1,435
Euro to Naira black market Today
Euro to Naira exchange rate Today
- Buying Rate: N1,210
- Selling Rate: N1,215
Meanwhile, at the Lagos Parallel Market, popularly referred to as the Black Market, the exchange rate between the US dollars and the Naira concluded at 1650 per dollar yesterday, as reported by sources in the Bureau De Change (BDC).
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CBN Reduces Loan-to-Deposit Ratio for Banks to 50%
The Central Bank of Nigeria (CBN) has announced a reduction in the Loan-to-Deposit Ratio (LDR) for deposit money banks (DMBs) from 65% to 50% in a bid to enhance their lending capacity. This decision, outlined in a letter by Dr. Adetona Adedeji, Acting Director of the Banking Supervision Department at the CBN, is part of measures aimed at stimulating lending in the real sector of the economy.
Dr. Adedeji explained that the reduction in the LDR aligns with the CBN’s current monetary tightening stance. Similar to the Cash Reserve Ratio (CRR) of banks, which stands at 45%, the adjusted LDR aims to deepen monetary policy tightening while fostering increased lending to businesses in key sectors.
“In light of the shift in policy stance towards a more contractionary approach, it is essential for the LDR policy to mirror the current monetary tightening of the CBN,” stated Dr. Adedeji.
Under the new directive, all deposit money banks are mandated to maintain a Loan-to-Deposit Ratio of 50%. Furthermore, banks are advised that average daily figures will continue to be utilized to assess compliance with this requirement.
The implication of this adjustment is that banks can now extend credit equivalent to 50% of their deposits to customers, providing potential opportunities for increased lending activities.
This move by the CBN comes in the wake of recent efforts to strengthen the banking sector, including the recent upward revision of banks’ minimum capital requirements by at least 100%.
As the CBN continues to implement measures aimed at fostering economic growth and financial stability, stakeholders in the banking industry are expected to align their operations with the revised Loan-to-Deposit Ratio requirement.
