See the black market Dollar to Naira exchange rate for 9th February, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1485 and sell at N1490 on Friday 9th February 2024, 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 (USD to NGN) | Black Market Exchange Rate Today |
Buying Rate | N1485 |
Selling Rate | N1490 |
Dollar to Naira (USD to NGN) | CBN Rate Today |
Buying Rate | 1473 |
Selling Rate | 1474 |
The Nigerian Autonomous Foreign Exchange Market (NAFEM) experienced a sharp decline in forex transactions, with the total value falling from $465.29 million on Tuesday to $203.93 million on Wednesday—a 56 percent drop, as reported by the FMDQ Exchange.
This significant decrease interrupts a previously observed steady increase in the value of forex transactions on the platform, spurred by a series of directives from the Central Bank of Nigeria (CBN) aimed at enhancing market liquidity.
In efforts to stabilize the forex market, the CBN recently issued circulars mandating banks to offload their excess dollar reserves and enforce accurate and transparent reporting of forex trading data.
Despite these measures, the naira witnessed a 1.4 percent depreciation against the dollar at the parallel market on Thursday, driven by robust demand for the US currency.
Exchange rates at the blackmarket showed the naira trading at N1,480 to a dollar, marking a N20 drop from Wednesday’s rate of N1,460 per dollar.
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