Black Market Dollar to Naira Exchange Rate on 4th May 2024

In the latest update on the currency exchange scene, the black market or parallel market rate for the conversion of US Dollars (USD) to Nigerian Naira (NGN) has been reported as N1390 for buying and N1410 for selling on the 4th of May, 2024. This rate, sourced from Bureau De Change (BDC) operatives in Lagos, showcases a slight variance from the previous day's rates.

It's important to highlight that the Central Bank of Nigeria (CBN) maintains its stance of non-recognition towards the parallel market, urging individuals involved in foreign exchange transactions to conduct their dealings through authorized banking channels.

The current black market rate, although subject to fluctuations driven by various economic factors, provides a gauge for individuals and businesses involved in cross-border transactions or those with a keen interest in foreign currency markets.

As per official CBN rates, the buying rate stands at N1441, with a selling rate of N1442. These rates, set by the central bank, are often utilized in official transactions and serve as a reference point for financial institutions and government agencies.

Despite the CBN's directive steering individuals away from the black market, its existence and influence persist within the Nigerian financial landscape. Factors such as demand and supply dynamics, economic policies, and global market trends continue to shape the parallel market exchange rates.

It's crucial for stakeholders to remain vigilant and informed about the prevailing exchange rates, whether sourced from official channels or the parallel market, to make informed decisions regarding currency exchanges and international transactions.