Black Market Dollar To Naira Exchange Rate Today, 11th April 2023

The Dollar to Naira exchange rate opened at N741.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 11th April 2023, in Lagos Nigeria, after it closed at N745.00 per $1 on Monday, 10th April 2023.

Even though the dollar to naira opened in the parallel market at ₦741 per $1 today, Newsone reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” Emefiele said in September 2021.

“I am sorry to say that I do not, and I do not intend to recognise any fx in the market.

“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. “If you want to sell the dollar, go to your bank and sell it.”

Newsone Nigeria reports that at the black market, the players buy a dollar for N738 and sell for N741 on Tuesday, 11th April 2023, after they bought N742 and sold for N745 on Monday, 10th April 2023.