Are you in need of the latest black market exchange rate for USD to NGN? Look no further.
Here’s the most recent update as of April 14th, 2024.
In the realm of informal currency trading, commonly known as the black market or parallel market, the exchange rate for the US dollar to the Nigerian Naira stands as follows:
Buying Rate: N1140
Selling Rate: N1150
These rates reflect the transactions observed at the Lagos Parallel Market (Black Market) on Saturday, April 13th, 2024, sourced from Bureau De Change (BDC) outlets.
It’s crucial to recognize that the Central Bank of Nigeria (CBN) doesn’t recognize or endorse activities in the parallel market, instead directing individuals involved in forex transactions to engage with authorized banking institutions.
Additionally, please be aware that the rates mentioned here may not align precisely with what you encounter in the market, as forex prices are subject to fluctuations.
In recent developments, the Nigerian Naira has exhibited notable strength against the US dollar in the parallel market. On Friday, there was a visible appreciation, with the Naira trading at ₦1,150 per dollar. This signifies a 0.86 percent increase from the previous day’s rate of ₦1,160.
Currency traders, particularly those operating as bureau de change (BDC) operators in Lagos, reported buying the greenback at ₦1,110 and selling it at ₦1,150, thereby earning a profit margin of ₦40.
Commenting on the market dynamics, Lawal, a BDC operator in Lagos, remarked, “The dollar is falling, and it is not my fault. It is how the FX market is now,” underscoring the prevailing sentiments among market participants.
Stay informed with the latest updates on currency exchange rates to make informed decisions in your financial transactions.