Business & Finance

Black Market Exchange Rates for Dollar to Naira on 9th April, 2024

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Black Market Exchange Rates for Dollar to Naira on 9th April, 2024

Today, 9th April, 2024, the Black Market for the Dollar Naira Exchange is still going somehow despite the Nigerian Government’s effort to strengthen the Naira against the Dollar.

Yesterday was 8th April, 2024, and the Dollar to Naira in the Black Market saw a significant decrease as the Naira continued to get value after CBN cleared forex debt. 

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According to the Aboki fx, Dollar to Naira at the Black Market for yesterday was N1230 for the buying rate and N1248 for the selling rate.

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Black Market Dollar to Naira Rates Today, 9th April, 2024

Black Market Buying Rate Cost: N1218

While Black Market Selling Rate Cost: N1223

The Biggest reason for this Naira to fall against Naira is due to Supply and Demand for the Dollar in the country and the Political Economy in the United States and Nigeria too, and the way Nigerians are valuing the American Dollar in the country.

Before, the Naira currency had its value compared to how Political and Economic crises destroyed the economy of the country leading to dollar rise and inflation in the country. 

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The Dollar price now has more value than the official rate and the percentage increases to almost 105.4% if you can look at the last 10 months’ dollar rate before the new government collects power from the previous government. 

CBN Dollar to Naira Rate Today 9th April, 2024

As of Today, 9th April 2024, the Central Bank of Nigeria (CBN) which is an apex bank has its dollar regulation rate that is controlled by the government body.

When we look at the Central Bank of Nigeria’s official rate, we will understand that the CBN rate is somehow raised according to the CBN Official rate. 

The CBN dollar-to-naira rate now is over closer to the black market dollar-to-naira rate of today. The Central Bank rate is the rate that is regulated by the government official and is the only rate that the government considers as a legal tender. 

Yesterday CBN Rate was at the rate of N1259 per US Dollar for buying while N1260 for selling

Today CBN Rate is N1250 per US Dollar for buying while N1251 per US Dollar for selling

Keep checking on us to get more updates on the Dollar to Naira rate and another related rates.

FAQ: Black Market Exchange Rate for Dollar to Naira on 9th April 2024

  1. Q1: What is the current Black Market exchange rate for Dollar to Naira on 9th April, 2024?
  • A1: The Black Market exchange rate for Dollar to Naira on 9th April, 2024, stands at N1218 for buying and N1223 for selling.
  1. Q2: Why has the Naira been experiencing fluctuations against the Dollar in the Black Market?
  • A2: Fluctuations in the Naira against the Dollar in the Black Market are primarily influenced by supply and demand dynamics for the Dollar in Nigeria, as well as political and economic factors in both Nigeria and the United States.
  1. Q3: How does the current Black Market exchange rate compare to the Central Bank of Nigeria’s (CBN) rate?
  • A3: The current Black Market exchange rate is lower than the CBN’s official rate. As of April 9th 2024, the CBN’s rate is N1250 per US Dollar for buying, and N1251 per US Dollar for selling, while the Black Market rates are N1218 for buying and N1223 for selling.
  1. Q4: What was the Black Market exchange rate for Dollar to Naira on the previous day, April 8th, 2024?
  • A4: On April 8th, 2024, the Black Market exchange rate for Dollar to Naira was N1230 for buying and N1248 for selling, according to Aboki fx.
  1. Q5: What factors have contributed to the recent increase in the value of the Dollar compared to the Naira?
  • A5: The recent increase in the value of the Dollar compared to the Naira is attributed to supply and demand dynamics, as well as political and economic factors such as changes in government and economic policies.

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