Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 8th April 2024

Here’s the current dollar-to-naira exchange rate at the black market (also known as the parallel market), according to Aboki FX:

As of April 7, 2024, you can buy a dollar for N1240 and sell it for N1250 at the Lagos Parallel Market (Black Market), based on information from sources at the Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals to approach their respective banks for forex transactions.

The recent depreciation of the naira has prompted trans-border traders to increasingly reject it in favor of the CFA or other local currencies of non-francophone countries. This shift reflects concerns over the declining value of the naira, which has historically been the preferred medium of exchange due to Nigeria’s substantial trade volume with neighboring countries. However, the currency’s depreciation has accelerated in recent months, leading to its outright rejection by traders.