Curious about today’s dollar to naira exchange rate in the black market? As of May 10th, 2024, you can buy a dollar for N1450 and sell it for N1470, according to sources at Bureau De Change (BDC).
It’s important to note that the Central Bank of Nigeria (CBN) doesn’t recognize the black market for forex transactions, directing individuals to approach their respective banks for forex dealings.
Nigeria’s Foreign Debt Service Costs Surge to $1.12 Billion in Q1 2024
Data from the Central Bank of Nigeria (CBN) reveals that Nigeria spent a substantial $1.12 billion servicing its foreign debts in the first quarter of 2024, marking a significant 39.7% increase from the same period in 2023.
The trend in debt service payments is alarming, with January 2024 seeing a disbursement of $560.52 million, nearly five times that of January 2023’s $112.35 million.
Despite slight moderation in February and March, the financial burden remains considerable. This surge in debt servicing has consumed around 70% of Nigeria’s official dollar outflows in the first quarter, up from 49% in 2023, impacting the nation’s financial resources and foreign exchange reserves.
Central Bank Governor Yemi Cardoso attributed the decline in reserves to the strain of fulfilling international commitments rather than defending the naira.