Latest News

Black Market Dollar To Naira Exchange Rate Today: 31st March 2024

According to sources at Bureau De Change (BDC), on Friday, 29th March 2024, the buying rate for a dollar to Naira stood at N1240, while the selling rate was N1280. This indicates the rates at which traders were purchasing and selling dollars in the Lagos Parallel Market.

It’s important to note that while these rates provide a snapshot of the black market exchange rate, the Central Bank of Nigeria (CBN) does not officially recognize this market. Instead, the CBN advises individuals engaging in foreign exchange transactions to approach their respective banks.

It’s crucial to recognize that the rates for buying or selling forex may vary from those reported here, as prices are subject to fluctuations in the market.

Meanwhile, in official markets, the Naira experienced a decline against the dollar, with the exchange rate falling to N1,309.39 per dollar, representing a 0.69 percent decrease from the previous day. Despite this, trading volume in official markets saw a significant increase, indicating heightened activity in forex transactions.

Additionally, in the Investor’s and Exporters’ (I&E) window, the Naira exhibited fluctuations, trading between N1,392 and N1,250 against the dollar. These fluctuations underscore the volatility in the forex market amidst various economic adjustments and policy shifts by the Central Bank of Nigeria (CBN), including the recent announcement of new capital requirements for banks aimed at fortifying the Nigerian banking sector.