Black Market Dollar To Naira Exchange Rate Today, April 27th, 2024

Black Market Dollar To Naira Exchange Rate Today, April 27th, 2024

Wondering about today’s Dollar to Naira exchange rate in the black market, also known as the parallel market? Check out the rates for April 26th below:…..READ ALSO Black Market Dollar To Naira Exchange Rate For April 25th, 2024

• Buying Rate: N1380
• Selling Rate: N1400

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct forex transactions through their respective banks.

Additionally, here’s the CBN rate for comparison:

• Buying Rate: N1164
• Selling Rate: N1165

Keep in mind that actual rates may vary from those mentioned here due to market fluctuations.

Naira Slides to N1,450 Per Dollar in Parallel Market

The Nigerian naira experienced a significant decline on Thursday, reaching N1,450 per dollar in the parallel market. This marks an 8.28% drop from the previous rate of N1,330 reported earlier the same day.

Currency traders confirmed this downward trend, highlighting ongoing volatility in the market. Bureau De Change (BDC) operators reported a purchase rate of N1,350 and a selling rate of approximately N1,450, offering traders a N100 profit margin.

The fluctuation in the parallel market has raised concerns among economic stakeholders, prompting closer examination of the factors driving this sharp depreciation. In response, the Central Bank of Nigeria (CBN) has increased dollar supplies through BDCs to alleviate pressure on the foreign exchange market and mitigate imported inflation, a persistent concern for policymakers.

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