Dollar to Naira Black Market Exchange Rate Today 23rd March 2024

The Nigerian Naira continues its downward spiral against the US Dollar on the black market, as exchange rates reach new highs on the 23rd of March, 2024. Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency, the parallel market, also known as the black market, persists with its own rates, unaffected by official interventions.

According to data from Aboki FX, a reputable source for black market exchange rates, the buying rate for one US Dollar stood at N1,505, while the selling rate reached N1,523. This represents a significant depreciation compared to the rates observed just a day earlier. CONTINUE READING.....

On Friday, the 22nd of March, 2024, the exchange rate was slightly lower, with players in the Lagos Parallel Market buying a dollar for N1,500 and selling it at N1,520. However, within just 24 hours, the Naira has weakened further against the Dollar.

This decline in the value of the Naira on the black market reflects ongoing economic challenges facing Nigeria, including inflationary pressures, dwindling foreign reserves, and persistent concerns about the country's fiscal stability.

The disparity between the official exchange rate and the rates on the parallel market underscores the existence of a thriving informal forex market, where individuals and businesses seek to hedge against currency fluctuations and access foreign currency for various transactions.

It's worth noting that while the Central Bank of Nigeria discourages transactions on the black market and urges individuals to use official channels such as banks and licensed Bureau De Change (BDC) operators, the allure of potentially better rates continues to drive activity in the parallel market.

As the Naira struggles to find its footing amidst economic uncertainties, it remains to be seen how policymakers will address the challenges posed by the black market and enact measures to restore stability to the currency.

In conclusion, the latest surge in the Dollar to Naira exchange rate on the black market highlights the ongoing volatility in Nigeria's currency market, emphasizing the need for comprehensive reforms to strengthen the nation's economic resilience and foster investor confidence.