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 1st May, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N732 and sell at N750 on Monday 1st May 2023, 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 (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N732 |
| Selling Rate | N750 |
Dangote Cement, the largest cement company in Africa, has reported a decrease in revenue for the first quarter of 2023, with N280.3 billion compared to N321.9 billion during the same period in 2022. This is the first time in five years that the company has experienced lower revenue, illustrating the impact of government policies on businesses.
In the past, Dangote Cement has seen consistent revenue growth due to construction and infrastructure spending. However, the cash crunch and election uncertainty have slowed infrastructure investments.
The cash crunch in Nigeria and the uncertainty surrounding general elections led to a slowdown in private and public infrastructure investments. As a result, the company’s Nigerian operations experienced a drop in volume, leading to a 13.5% decline in group volume.
Dangote Cement’s Nigerian operations sold 3.6 million tons of cement in the first quarter of 2023, a 24.6% decrease from the 4.8 million tons sold in the same period in 2022. The Nigerian market accounted for 58% of group volumes shipped, compared to 66.7% in 2022.
The company also cited the cash crunch and negative sentiments around elections as reasons for the decline in volume. The cash shortage affected construction workers’ daily wages and retailers’ ability to pay for cement in cash.
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