As of today, the 24th of March 2024, the black market exchange rate for the dollar to the naira stands at N1450 for buying and N1460 for selling, according to sources at Bureau De Change (BDC).
It’s worth noting that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market) for forex transactions, directing individuals to conduct foreign exchange transactions through authorized banks.
Here are the latest exchange rates:
Buying Rate: N1450
Selling Rate: N1460
However, it’s essential to recognize that the rates for buying or selling forex may vary from those reported here, as prices are subject to fluctuations.
Naira Gains Strength in Parallel Market, Trading at N1,470 Per Dollar
The Nigerian naira has seen a significant appreciation in the parallel foreign exchange market, trading at N1,470 per dollar, marking a 2 percent increase from the N1,500 rate observed on March 20.
Bureau De Change (BDC) operators in Lagos have set the buying rate for the dollar at N1,430 and the selling rate at N1,470, indicating a profit margin of N40.
Currency traders attribute the decrease in customer demand to the strengthening of the local currency, which has lessened the urgency for dollars typically seen in the parallel market.
One trader, Abdullahi, noted a decline in customers and mentioned that some BDC traders prefer to hold onto their dollars, especially those who purchased at higher rates.
Additionally, fluctuations in the exchange rate have been observed, indicating market volatility.
Meanwhile, at the FMDQ Exchange, which oversees official foreign exchange trading in Nigeria, the naira experienced a 3.58 percent drop to N1,431.49/$ on Friday, down from N1,382/$ on March 21.
