As of Tuesday, 9th April 2024, the exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) indicates that players buy a dollar for N1200 and sell at N1210, according to sources at Bureau De Change (BDC).>>>>READ FULL ARTICLE>>>>
Here are the latest rates for the Dollar to Naira exchange rate in the black market today:
Buying Rate: N1,246
Selling Rate: N1,247
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market) for foreign exchange transactions. The CBN has directed individuals seeking foreign exchange services to approach their respective banks.
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Despite the fluctuations in exchange rates, the Nigerian currency, the naira, has recently witnessed a significant appreciation in the parallel foreign exchange (FX) market. On Monday, the naira appreciated to N1,120 against the dollar, marking a 9.67 percent improvement compared to N1,240/$ recorded earlier in April.
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In Lagos, Bureau de Change (BDC) operators, commonly referred to as street traders, set the purchase price of the dollar at N1,100 and the selling price at N1,120, earning a profit margin of N20 per dollar.
Similarly, in the official trading window, the naira strengthened by 1.63 percent to N1,230.61/$, up from N1,251.05/$ recorded earlier in April. This positive shift in the currency’s value is reflected in substantial trading volumes, with $125.55 million recorded in official transactions monitored through the FMDQ Exchange platform overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM).>>>>READ FULL ARTICLE>>>>
