Black Market Dollar To Naira Exchange Rate Today May 4th, 2024

Black Market Dollar To Naira Exchange Rate Today May 4th, 2024

Today, May 4th, 2024, the black market exchange rate for the US Dollar (USD) to the Nigerian Naira (NGN) stands at a buying rate of N1390 and a selling rate of N1410. This information, obtained from sources at Bureau De Change (BDC), reflects the market dynamics as observed in Lagos Parallel Market……READ ALSO Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 3rd May 2024

It’s important to note that while these rates are prevalent in the informal market, the Central Bank of Nigeria (CBN) does not officially recognize them, directing forex transactions through authorized banks instead.

In response to recent Naira depreciation, Aminu Gwadabe, the National President of the Association of Bureau De Change Operators of Nigeria (ABCON), identified demand pressure and speculative behavior as contributing factors. Despite CBN interventions, liquidity shortages persist, affecting the retail market. Gwadabe stressed the need for collaboration between the CBN and BDCs to achieve stability, debunking misconceptions about BDCs’ influence on currency fluctuations. He also lauded recent CBN policies aimed at curbing illegal practices and proposed both short-term solutions like citizen amnesty and long-term strategies such as diversification of foreign earnings for sustainable stability.

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