Dollar to Naira Black Market Exchange Rate (11 April 2024)

11/04/2024•2 minute read

Dollar to Naira Black Market Exchange Rate

Dollar to Naira Exchange Rates Today

Official Rate: ₦1,239 per US Dollar.
Black Market Exchange Rate: ₦1,180 per US Dollar, slightly lower than the official rate.
Comparison to Yesterday’s Rate: The Naira has been holding steady since yesterday’s rate of ₦1,245.

Meanwhile, Nigeria’s foreign exchange (FX) reserves have dipped by $1.02 billion within 18 days, raising concerns about the sustainability of the Central Bank of Nigeria’s (CBN) efforts to stabilize the Naira.

Data from the CBN shows a steady decline in reserves since March 18th, 2024, dropping from $34.45 billion to $33.43 billion last week. This comes despite the CBN’s recent policies aimed at increasing liquidity in the FX market, such as selling dollars to currency exchange operators. Following the CBN’s FX unification exercise, Nigeria’s reserves have remained nearly 2% lower since June 2023.

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However, it is not all bad news. The CBN’s reforms have narrowed the gap between official and black market exchange rate, and there were positive signs of increased foreign inflows last month. Reserves showed a positive accretion of nearly $900 million by March 2024 compared to December 2023.