Black Market Dollar To Naira Exchange Rate: April 8, 2024 

Black Market Dollar To Naira Exchange Rate: April 8, 2024

Discover the latest black market exchange rate for USD to NGN (Naira) as of April 7th and find out how much your dollar is worth today in the parallel market……READ ALSO Black Market Dollar To Naira Exchange Rate Hits New Highs On 7th April 2024 

As of Sunday, April 7th, 2024, the black market exchange rate for USD to Naira stood at buying N1240 and selling N1250, according to sources from Bureau De Change (BDC) in Lagos. Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market.

Here are the current rates:

• Black Market Exchange Rate:
  • Buying Rate: N1240
  • Selling Rate: N1250
• CBN Official Rate:
  • Buying Rate: N1250
  • Selling Rate: N1251

Note that the forex rates may vary from those mentioned here due to market fluctuations.

Depreciation Trends: Trans-Border Traders Turn Away from Naira, Favor CFA

Recent depreciation of the Naira has caused significant disruptions in the West African market, with trans-border traders increasingly opting for the CFA or other local currencies of non-francophone countries.

At the Seme border, investigations by Vanguard indicate a notable shift in currency preference among traders, marking a departure from the time when the Naira dominated the sub-regional economy.

While historically favored due to Nigeria’s substantial trade volume with neighboring countries, the Naira’s status has been on a downward spiral since February, resulting in its outright rejection by March 2024.

Traders, including Nigerians, express concerns over the Naira’s diminishing value, with the worst depreciation rates recorded in recent months.

Official figures highlight a significant decline in the Naira’s value against the CFA, plummeting from N1/1.5CFA in early 2023 to N1/0.37595CFA recently.