Black Market Dollar To Naira (NGN) Exchange Rate For April 24th, 2024

Black Market Dollar To Naira (NGN) Exchange Rate For April 24th, 2024

Would you like to know the current dollar to naira exchange rate on the black market, also referred to as the parallel market (Aboki FX)? Check out the black market dollar to naira exchange rate for April 23rd below. These are the rates at which you can exchange your dollar for naira…..READ ALSO Today’s Black Market Dollar To Naira Exchange Rate (23rd April 2024) Revealed

What’s the Current Dollar to Naira Rate on the Black Market?

The exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) stood at buying for N1260 and selling at N1275 on Tuesday, April 23, 2024, according to sources at Bureau De Change (BDC).

It’s worth noting that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), advising individuals interested in Forex to approach their respective banks.

Black Market Rate Today:

• Buying Rate: N1260
• Selling Rate: N1275

CBN Rate Today:

• Buying Rate: N1251
• Selling Rate: N1252

Please be aware that the forex rates you encounter may differ from those outlined in this article due to market fluctuations.

Naira Emerges as Global Leader in Currency Performance Amid FX Reforms – Cardoso

Yemi Cardoso, the Central Bank Governor, proudly announced that the Naira has achieved the esteemed status of being the top-performing currency globally as of April 2024.

This remarkable accomplishment follows extensive foreign exchange market reforms, spurred by positive sentiments from major international investment entities.

Addressing the press at the World Bank/IMF conference in Washington DC, Cardoso highlighted the remarkable transformation in the Naira’s fortunes. Just a month earlier, in March, the Naira had plummeted to its lowest levels, trading at N1,600/$1 on the official market and N1800/$1 on the parallel market, marking a period of uncertainty and economic strain.

However, April witnessed a remarkable turnaround for the Naira, experiencing an astounding 45% surge fueled by a series of strategic forex and monetary policies. Governor Cardoso stressed that this surge in value has been accompanied by a resurgence in the FX market’s activities, with turnover levels reaching unprecedented heights in over seven years. This injection of liquidity has bolstered confidence among investors, businesses, and partners, facilitating smoother transactions within Nigeria’s FX markets.

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