Today’s Black Market Dollar to Naira Exchange Rate, 16th December 2023

What’s the current price for swapping your dollars for naira on the black market (Aboki fx)?

Here’s the rate for today, December 15th:

• Buying: N1230 per dollar
• Selling: N1235 per dollar

Remember, the Central Bank frowns on this unofficial market and recommends using authorized banks for foreign exchange.

Dollar to Naira Rates:

Here’s a quick comparison of today’s rates:

Keep in mind, that actual prices may vary slightly.

Tinubu’s Government Is Not Transparent on Oil Revenue and Subsidy Removal:

A new report as obtained by Freshreporters News reveals that the World Bank suggests the government and oil giant NNPC are keeping things under wraps regarding oil revenue and gains from ending fuel subsidies.

Their latest update, released Wednesday, acknowledges rising oil revenue since June but raises concerns about transparency.

Particularly, they question the lack of details on NNPC’s profits from subsidy removal and how it affects federal funds.

The report as obtained by Freshreporters News also highlights an unexplained disconnect between retail fuel prices, exchange rate fluctuations, and global oil prices.

“Nominal oil revenue gains have been evident since June. These are mostly categorized as “exchange rate gains”, suggesting that they are due to Nigerian naira depreciation.”

“Except for the exchange rate-related increases, however, there is a lack of transparency regarding oil revenues, especially the financial gains of the Nigeria National Petroleum Corporation (NNPC) from the subsidy removal, the subsidy arrears that are still being deducted, and the impact of this on Federation revenues.”

“It is also unclear why retail petrol prices have not changed much since August, despite fluctuations in the exchange rate and global oil prices,” the World Bank report partly read.”…[CONTINUE READING HERE]>>