Black Market USD To NGN Exchange Rate On April 18, 2024

Black Market USD To NGN Exchange Rate On April 18, 2024

Today, let’s delve into the current exchange rate of the US Dollar to the Nigerian Naira within the black market, also commonly known as the parallel market or Aboki FX. Here’s a glance at the black market exchange rate for April 17th and what it implies for currency holders……READ ALSO Black Market Dollar To Naira Exchange Rate Today, April 17th, 2024

The Black Market Dollar to Naira Exchange Rate: As of April 17th, 2024, sources from Bureau De Change (BDC) indicate that players in the Lagos Parallel Market buy a dollar for N1020 and sell it for N1050.

It’s essential to note that while these black market rates are prevalent, the Central Bank of Nigeria (CBN) does not endorse them. The CBN advises individuals engaging in forex transactions to utilize official banking channels.

Current Black Market Exchange Rates:

• Buying Rate: N1020
• Selling Rate: N1050

CBN’s Official Rates:

• Buying Rate: N1146
• Selling Rate: N1147

Keep in mind that the actual rates you encounter may vary due to market fluctuations.

Understanding Bread Price Hikes: The Premium Breadmakers Association of Nigeria (PBAN) sheds light on the recent surge in bread prices, attributing it to exchange rate instability and global conflicts.

PBAN President Emmanuel Onuorah, speaking on Arise News’ Global Business Report, outlined how currency fluctuations impact imported raw materials crucial for bread production, thereby driving up costs.

Moreover, the conflict between Ukraine and Russia, key wheat suppliers to Nigeria, disrupts wheat supplies, compounding the challenges for bread producers in managing expenses and ensuring a steady supply.

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