The exchange rate for the dollar to the Naira in the black market, also known as the parallel market, stands at N1135 for buying and N1140 for selling as of Sunday, April 14, 2024. These rates were reported by sources at Bureau De Change (BDC) in Lagos.
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to conduct foreign exchange transactions through authorized banks.
Buying Rate: N1135
Selling Rate: N1140
Meanwhile, the CBN’s official rates for the dollar to the Naira today are:
Buying Rate: N1237
Selling Rate: N1238
Please be aware that actual rates may vary depending on where you conduct your forex transactions, as prices are subject to change.
Optimistic Forecast for Naira: In a recent forecast by Goldman Sachs Group Inc., it is anticipated that the Nigerian currency, the Naira, could significantly strengthen, potentially trading below ₦1,000 to the dollar in the near future. This outlook follows an earlier projection by Goldman Sachs on March 10, which predicted the Naira reaching ₦1,200 per dollar within the next twelve months.
Andrew Matheny, an economist at Goldman Sachs, expressed optimism during an interview with Bloomberg, suggesting that the Naira might surpass earlier expectations by trading even lower than the projected ₦1,200 against the dollar. He indicated the possibility of the Naira trading below ₦1,000 in the foreseeable future.