The biggest currency news this week has been the surprising drop in the black market Dollar to the Naira exchange rate. The Central Bank of Nigeria (CBN) announced the sale of $10,000 to each Bureau De Change (BDC) operator at a rate of ₦1,101 per dollar.
Dollar to Naira Exchange Rate Today
- Official Rate: ₦1,251 per US Dollar.
- Black Market Rate: ₦1,150 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.
This was after the BDCs requested a lower official rate. In response, the CBN provided BDCs with dollars and mandated them to sell to eligible customers at a maximum markup of 1.5% above the purchase price.
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Previously, the black market often offered more favorable exchange rates for those seeking dollars compared to the official CBN rate. Now, the CBN’s recent announcement, coupled with its increased dollar injection, appears to be having a positive impact. For the first time in 15 years, the unofficial black market rate dipped below the official CBN rate for BDC operators.
This turn of events suggests that CBN’s intervention may yield results that stabilize the forex market. However, it remains to be seen if this trend will continue. Continued monitoring of the forex market and the CBN’s policies is crucial to understanding the long-term impact on the Naira’s value.
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