Bureau De Change operators (BDC) at the Black Market, say patrons buy a dollar for N767 and sell at N775 as of Friday 25th November 2022
It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as individuals who want to engage in Forex have been advised to approach their respective banks.
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
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The Federal Government has said the country’s Excess Crude Account (ECA) has declined by 89 percent in the last eight years.
In a statement on Wednesday, the Ministry of Finance, Budget, and National Planning said the decline moved from $4.1bn in November 2014 to $472,513 in the same period of 2022.
The statement also stated that the ECA’s balance as of November 23, 2022, stood at $472,513.64.
It was gathered that the account has depleted in the last eight years owing to a lack of inflows, oil market vagaries, and the country’s revenue crunch.
Meanwhile, the Federation Account Allocation Committee (FAAC) at its meeting, shared a total of N736.782bn to the three tiers of government as the allocation for October 2022.
According to the Ministry of Finance, Budget and National Planning’s statement, from this stated amount, inclusive of gross statutory revenue, value-added tax, exchange gain, and augmentation from non-oil revenue, the Federal Government received N293.955bn, while the 36 states got N239.512 bn.
