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The dollar-to-naira exchange rate in the black market, also known as the parallel market, was recorded for April 8th, 2024, as follows: Buying at N1218 and selling at N1223 per dollar, according to sources at the Bureau de Change (BDC) in Lagos. It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals to conduct foreign exchange transactions through authorized banks.

Today’s black market exchange rate for the dollar to naira stands at buying rate N1218 and selling rate N1223. Conversely, the CBN’s rate for the dollar to naira is the buying rate of N1250 and the selling rate of N1251. However, actual rates may vary based on market conditions.

The Lagos Chamber of Commerce and Industry (LCCI) has raised concerns about the challenges faced by businesses in Nigeria, citing factors such as the recent increase in the Monetary Policy Rate (MPR) and rising electricity tariffs. Dr. Chinyere Almona, the director-general of LCCI, highlighted these issues, expressing grave concerns over the CBN’s decision to raise the MPR from 22.75% to 24.75%. Additionally, the Chamber views the hike in electricity tariffs as exacerbating the already high cost of living and doing business in Nigeria.