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

11/04/20242 minute read
Dollar to Naira Black Market Exchange Rate

The Nigerian Naira sees continued stability against the US Dollar. Today, April 11th, 2024, the black market offers a slightly better rate than the official market. 

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
Data from the CBN shows a steady decline (Source:

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.

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