Dollar to Naira Black Market Exchange Rate (April 9, 2024)

this week has been the surprising drop in the black market Dollar to the Naira exchange rate. The Central Bank of Nigeria The Naira has been holding steady since yesterday’s rate of ₦1,245.

This was after the BDCs requested a lower official rate. In response, the CBN provided BDCs with dollars and mandated them to sell to eligible customers at a maximum markup of 1.5% above the purchase price.Previously, the black market often offered more favorable exchange rates for those seeking dollars compared to the official CBN rate. Now, the CBN’s recent announcement, coupled with its increased dollar injection, appears to be having a positive impact.

This turn of events suggests that CBN’s intervention may yield results that stabilize the forex market. However, it remains to be seen if this trend will continue. Continued monitoring of the forex market and the CBN’s policies is crucial to understanding the long-term impact on the Naira’s value.

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US Dollar to Nigerian Naira Black Market Exchange RateThe US Dollar to Nigerian Naira exchange rate in the Nigerian black market had an average of ₦1,315.817.00 today, 31/03/2024. This page converts USD to NGN using live currency rates.
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USD dollar supply surges by 21% as Naira appreciates at FOREX marketThe US dollar turnover transactions surged by 21 per cent to $122.18 million as the Naira appreciated against the US dollar on Tuesday at the foreign exchange market. FMDQ data showed that USD transactions increased to $122.18 million compared to the $96.13 million recorded on Monday. The development comes as the Naira records N14.
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Naira appreciates against dollar at official window, parallel marketThe naira, on Monday, appreciated to N1,120 per dollar at the parallel section of the foreign exchange (FX) market.
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Naira appreciated by N660 against dollar since BDCs’ return to FX marketThe President of the Association of Bureaux de Change Operators of Nigeria, ABCON, Aminu Gwadabe, says the Naira appreciated by N660 against the US dollar since the Governor of the Central Bank of Nigeria, Olayemi Cardoso, recalled BDC operators into the Foreign Exchange Market.
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