Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 16th April 2024

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 16th April 2024

The exchange rate for the Dollar to Naira in the black market, also known as the parallel market (Aboki fx), as of Monday, 15th April 2024, saw players buying a dollar for N1100 and selling at N1115, according to sources at Bureau De Change (BDC)……READ ALSO Black Market Dollar To Naira Exchange Rate Today – April 15, 2024

Dollar to Naira Black Market Rate Today:

• Buying Rate: N1100
• Selling Rate: N1115

Dollar to Naira CBN Rate Today:

• Buying Rate: N1138
• Selling Rate: N1139

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. Individuals who wish to engage in Forex transactions are directed to approach their respective banks.

In recent developments, the value of the Naira gained strength in the parallel market, opening at N1,130 to the dollar in the morning and later selling at N1,000 to the dollar by noon on Monday. Last week, the CBN offered $15.88 million to BDC operators at N1,101 to the dollar, contributing to the increase in the Naira’s value on the streets.

The CBN typically sells dollars to BDCs at a lower rate, based on the rate quoted on the Nigeria Autonomous Foreign Exchange Market (NAFEM). Last Friday, the Naira’s value ranged between N1,265 and N1,100 to the dollar in anticipation of another liquidity push by the apex bank.

Source: Naira Hits ₦1,000/$ In Parallel Market Ahead Of CBN Sale To BDCs

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