Black Market Dollar To Naira Exchange Rate Today: May 1st, 2024

Black Market Dollar To Naira Exchange Rate Today: May 1st, 2024

Seeking the latest on the exchange rate between the Dollar and Naira in the black market? Here’s the update for April 30th, 2024:…..READ ALSO Black Market Dollar To Naira Exchange Rate Today, April 30th, 2024

Discover the current Dollar to Naira exchange rate in the black market, also known as the parallel market, courtesy of Aboki FX. As of Tuesday, April 30th, sources at Bureau De Change (BDC) reveal that players in the Lagos Parallel Market buy a dollar for N1350 and sell at N1360.

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, directing individuals interested in Forex transactions to their respective banks.

Black Market Dollar to Naira Exchange Rate Today:

– Buying Rate: N1350
– Selling Rate: N1360

For those following the CBN rates, here’s the update:

– Buying Rate: N1164
– Selling Rate: N1165

Bear in mind that actual rates may differ from those mentioned in this article due to fluctuating market conditions.

Currency Dealers and Analysts Analyze Naira’s 23% Depreciation in 4 Days

The Naira saw a notable 23% decline against the dollar last week, attributed to heightened demand for dollars in the parallel market driven by banks and end-users, alongside delays in forex disbursement to BDCs by the CBN.

While the CBN’s intervention in the official Nigeria Foreign Exchange Market (NAFEM) on Friday led to the Naira’s appreciation in the parallel market, currency dealers and analysts remained cautious about the Naira’s outlook for the ensuing week, emphasizing the importance of the speed and effectiveness of CBN interventions.

Over two months, the Naira’s value steadily rose from ₦1,820 per dollar on March 21st to ₦1,140 by April 19th. However, last week saw a depreciation for four consecutive days, dropping by ₦285 (25%) to ₦1,405 per dollar by April 25th.

Similarly, in the official market, the Naira depreciated by ₦169.24 (9.9%) to ₦1,339.23 per dollar on April 26th, from ₦1,169.99 per dollar on April 19th.

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