Dollar Falls, Trades For N742 In Black Market, April 12

The United States dollar traded at N742 in the Black Market in Lagos, today, Wednesday, April 12, 2023 rising marginally above the N745 it exchanged with the naira at the beginning of the week.

The decline in the value of the dollar as compared to the dollar is about 0.03%.

GWG.ng reports that the dollar had at the beginning of the month on April 3, 2023 traded for about N757 to the naira in the black market.

So as at today, Wednesday, April 12, 2023 when the naira dollar exchanged for 742 to the naira it would have meant that the dollar had depreciated by 0.15% since the beginning of the month.

GWG.ng reports that the Black Market is an amorphous network of independent traders who transact on foreign currencies in semi official and official transactions.

The Breaux De Change, BDCs had in the past been supplied with foreign exchange by the Central Bank of Nigeria, CBN. However, the apex bank subsequently took the decision to stop supplying to the BDCs and with it cutting off official supplies to the informal market pushing traders in that section of the market to independently source for foreign exchange.

Presently, the only exchange market recognized by the CBN is the Investors and Exporters window and the trading or value of the naira from the Black Market on April 12 is not official.

Send Us A Press Statement Advertise With Us Contact Us

 And For More Nigerian News Visit GWG.NG