Dollar To Naira Rate Today March 4, 2024

What is the black market Dollar to Naira exchange rate today March 4, 2024?

The Eagle reports that the Dollar to Naira in the black market is exchanged at N1600/$ today, March 4, 2024. This is according to operators of the parallel market in Lagos and Abuja.

In the same vein, Peer2Peer operators are trading Dollars at N1620/$.

Data from the FMDQ showed that the Dollar fell by 2.94 per cent at the official NAFEM market to close at N1548.25/$ on Friday as against N1,595.11/$ it closed on Thursday.

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Meanwhile, the official Central Bank of Nigeria (CBN) trading segment has maintained a flat rate trade at N1544.581/$ since the 29th of February.

Recall the Central Bank of Nigeria, CBN released several foreign exchange guidelines in recent weeks, which preceded the slight improvement.

The benchmark interest rate, commonly known as the Monetary Policy Rate, was recently increased by 400 basis points by the Monetary Policy Committee on Tuesday, rising from 18.75 percent in July 2023 to 22.75 percent.