Black Market Dollar To Naira Exchange Rate Today 1st May 2024

Black Market Dollar To Naira Exchange Rate Today 1st May 2024 Can Be Accessed Below.
Newsrain Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

What is the black market dollar to naira today?

The local currency (abokiFx) opened at ₦1,360.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 1 May 2024, in Lagos Nigeria, after it closed at ₦1,350.00 per $1 on Tuesday, 30 April 2024.

Dollar to Naira CBN Rate Today

The official exchange rate of the US dollar to the Nigerian naira, as of today, 1 May 2024, is ₦1,165 per US dollar.

This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.

The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets, and reflects the level of confidence in the naira and the CBN’s policies.

Disclaimer: NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.