Black Market Dollar To Naira Exchange Rate To 23rd April 2023

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N739 and sell at N742 on Saturday 22nd April 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Naira Circulation Hits N1.6 Trillion As Of March – CBN Data Reveals

The circulation of the Naira has hit N1.6 trillion as of the end of the month of March. Naija News reports that data from the Central Bank of Nigeria (CBN) revealed the surge.

It was learnt from Daily Trust that the CBN data indicates that the surge represented 71% in the circulation of the naira.

Also, the data from the apex bank showed that circulation has jumped by N701.4 billion following the Supreme Court ruling of March 3, extending the deadline of the old naira notes.

The development follows the reversal of the Naira redesign policy in line with the directive by the Supreme Court.

It would be recalled that the naira circulation in the country had dipped by 235.03% to N982.09 billion at the end of February 2023 from N3.29 trillion at the end of October 2022 due to the federal government’s redesign naira policy.

Figures obtained from the CBN showed that N2.3 trillion was mopped up from circulation during the period under review

Governor of the CBN, Godwin Emefiele, had in October 2022, announced plans to redesign the old N200, N500 and N1,000 notes.