Black Market Dollar To Naira Exchange Rate Today – April 4, 2024

Black Market Dollar To Naira Exchange Rate Today – April 4, 2024

Would you like to know the current exchange rate of the Dollar to Naira in the black market, also known as the parallel market (Aboki fx)? Here’s the latest update on the black market Dollar to Naira exchange rate for April 3rd, 2024. Check out the rates below to exchange your dollar for Naira……READ ALSO Today’s Black Market Dollar To Naira Exchange Rate: April 3rd, 2024

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How much is a dollar to naira today in the black market? According to sources at Bureau De Change (BDC), on Wednesday, April 3rd, 2024, players in the Lagos Parallel Market (Black Market) were buying a dollar for N1245 and selling at N1250.

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and directs individuals who wish to engage in Forex to approach their respective banks.

Black Market Exchange Rate Today:

• Buying Rate: N1245
• Selling Rate: N1250

CBN Rate Today:

• Buying Rate: 1329
• Selling Rate: 1330

It’s important to note that the forex rates for buying or selling may vary from those captured in this article due to fluctuating prices.

Naira Strengthens As CBN Boosts Forex Supply By $2.5 Billion

The Central Bank of Nigeria (CBN) and other banking institutions have significantly strengthened the foreign exchange market by injecting an additional $2.5 billion over the past two weeks.

As a result of this strategic move, the naira has appreciated notably, reaching N1,309 against the United States dollar, according to the latest figures from the FMDQ Securities Exchange.

This improvement in the naira’s performance, from N1,300/$1, marks an eight-week low, showcasing a positive trend amid Friday’s closure of trading activities due to a public holiday.

Forex transactions have surged, with dealings between willing buyers and sellers at the Nigerian Autonomous Foreign Exchange Market increasing by 106 percent to $857 million at Thursday’s close, the highest level since the implementation of new forex policies by the CBN.

This turnover represents the largest seen since 2021, with a notable previous peak at $760 million on June 2nd, 2022.

With an average daily forex turnover of around $220 million in March and $177 million throughout the year, the market has displayed robust activity following the CBN’s cumulative sales of $1 billion in the previous week.

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