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 8th October, 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 N730 and sell at N740 on Saturday, 8th October 2022, 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 | 730 |
| Selling Rate | 740 |
Experts have reacted to the presentation of the 2023 Appropriation Bill, titled ‘Budget of Fiscal Sustainability and Transition’ presented before a joint session of the National Assembly by President Muhammadu Buhari yesterday.
The President said in his presentation that fiscal operations of the Federal Government result in a deficit of N10.78tn, which represents 4.78% of the estimated Gross Domestic Product (GDP) above the three per cent threshold set by the Fiscal Responsibility Act 2007.
However, Buhari’s plan to finance the deficit majorly by new borrowings totalling N206.18 billion from privatisation proceeds and N1.77 trillion draw-downs on bilateral/multilateral loans secured for specific development projects/programmes has been described as insensitive and absurd by some stakeholders.
Truetells Nigeria understands that some financial experts have described the 2023 proposed budget as a ritual, adding that the government’s plan to finance it from borrowing is not only absurd but it will worsen the country’s debt burden.
In a chat with The Punch, an Economist and Professor of Management and Accounting at Leads City University in Ibadan, Godwin Oyedokun, said the Federal Government was callous and insensitive because it’s only borrowing to further its own selfish goals.
He pointed out that it is insensitive on the part of the government to be borrowing at this stage, and that they are borrowing for the next generation to pay since they have less than 9 months left.
According to him, the amount of credit Nigeria has been borrowing has not resulted in much in terms of equal infrastructure development, and borrowings are simply economic extortion.
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