As of April 22, 2024, the black market exchange rate for the US dollar (USD) to the Nigerian Naira (NGN) stands at:

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

Black Market Transactions

In the Lagos Parallel Market (Black Market), individuals can purchase a dollar for N1,100 and sell it for N1,090 as of Friday, April 19, 2024, according to Bureau De Change (BDC) data. This indicates a decline in the Naira exchange rate compared to today’s rate.

Significance of Black Market Rate

The black market rate reflects the unofficial value at which individuals can exchange dollars for Naira outside of regulated channels. Investors and market participants monitor these rates closely as they provide a more immediate reflection of currency dynamics.

Central Bank of Nigeria’s Position

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the existence of the black market and advises individuals to participate in Forex transactions through official banking channels. CONTINUE READING