The Central Bank of Nigeria (CBN) has once again initiated direct sales of dollars to licensed Bureau De Change (BDC) operators across the country.

The latest circular from the apex bank announces the sale of $10,000 to each BDC at a rate of N1,021 per dollar.

This is the second round of such sales this month and the fourth in the current year.

The directive mandates BDCs to sell the allocated dollars to eligible end-users at a spread not exceeding 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

Addressing concerns about adherence to guidelines, the CBN said it is important for BDC operators to work within the prescribed framework.

The intervention targets retail-end transactions, including travel allowances, tuition fees, and medical payments, among others.

BDCs are instructed to commence payment of the Naira deposit to designated CBN accounts and submit necessary documentation for FX disbursement at respective CBN branches.

This latest initiative follows previous interventions by the CBN, including the sale of $10,000 to BDCs earlier this month at N1,101 per dollar. Such measures aim to shore up the Naira’s value and ensure stability in the forex market amid economic uncertainties.

The CBN’s sustained efforts to provide adequate forex liquidity underscore its commitment to safeguarding the country’s currency and facilitating seamless foreign exchange transactions for businesses and individuals alike.

As of April 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,250 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,290 and sell it at N1,280 on Monday, April 22nd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

• Buying Rate: N1,250
• Selling Rate: N1,240

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,100 and sell it at N1,090 on Friday, April 19th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

• Buying Rate: N1,290
• Selling Rate: N1,280