The Nigerian Naira is on a downward trend against the US Dollar. Today, 26th April 2024, the black market offers a higher exchange rate than the official market.
Dollar to Naira Exchange Rate Today
CBN Official Rate:
- Buying rate: ₦1,309 per US Dollar.
- Selling rate: ₦1,309 per US Dollar.
Black Market Rate:
- Buying rate: ₦1,410 per US Dollar.
- Selling rate: ₦1,440 per US Dollar, much higher than the official rate.
Comparison to Yesterday’s Rate: The Naira continues to depreciate against the dollar.
The Nigerian Naira continues to lose value against the US Dollar. It started on Tuesday; the naira closed the day at a troubling exchange rate of ₦1,300 to $1. This was a significant weakening of the Naira compared to the previous day (Monday), where the exchange rate sat at ₦1,234 per dollar. It was a quick 66% depreciation in the value of the Naira within a single day.
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The Central Bank of Nigeria has tried to curb this trend by selling more dollars to Bureau De Change operators (BDCs). The aim is to increase the supply of dollars in the market and possibly strengthen the Naira. However, the Naira has continued to lose value. While the total daily volume of dollars traded has increased compared to the beginning of the week, the overall trend remains concerning.
