Black Market Dollar To Naira Exchange Rates: Latest Figures On 2nd April 2024

Black Market Dollar To Naira Exchange Rates: Latest Figures On 2nd April 2024

Wondering about the current dollar to naira exchange rate in the black market, also known as the parallel market? Check out the latest rates below for 1st April……read also Black Market Dollar To Naira Exchange Rate Today, 1st April 2024

What’s the current dollar to naira rate in the black market?

Here’s the black market exchange rate for dollar to naira:

At the Lagos Parallel Market (Black Market), traders are buying a dollar for N1250 and selling at N1270 on Monday 1st April 2024, according to Bureau De Change (BDC) sources.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals to approach their respective banks for forex transactions.

Dollar to Naira Black Market Rate Today:

• Buying Rate: N1250
• Selling Rate: N1270

Dollar to Naira CBN Rate Today:

• Buying Rate: 1303
• Selling Rate: 1304

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

Why Won’t Food Prices Drop Immediately Despite Naira Appreciation? Economists Explain

Although the Nigerian naira is strengthening against the dollar, economists caution against expecting an immediate impact on commodity prices.

In an interview with Punch, Ayo Teriba, CEO of Economic Associates, pointed out the time lag in currency fluctuations affecting market prices.

While a stronger naira signals a positive trend for the economy, the adjustment of commodity prices might not happen overnight, according to Teriba.

Consumers may need to exercise patience as market dynamics gradually adapt to the new exchange rate, leading to eventual stabilization in prices.

President of Nigerian Economic Society, Adeola Adenikinju, echoed similar sentiments, emphasizing the economic logic behind delayed price adjustments.