The official exchange rate of the US dollar to the Nigerian naira, as of today, 1st May 2024, is ₦1,380 per US dollar. The black market offers a slightly lower rate than the official market.
Dollar to Naira Exchange Rates Today
CBN Official Rate:
- Buying rate: ₦1,380 per US Dollar.
- Selling rate: ₦1,390 per US Dollar.
| Dollar (USD) to Naira (NGN) | CBN Official Exchange Rate Today |
|---|---|
| CBN Official Buying Rate | ₦1,380 |
| CBN Official Selling Rate | ₦1,390 |
Black Market Exchange Rate:
- Buying rate: ₦1,350 per US Dollar.
- Selling rate: ₦1,360 per US Dollar, much higher than the official rate.
| Dollar (USD) to Naira (NGN) | Black Market Rate Today |
|---|---|
| Black Market Buying Rate | ₦1,350 |
| Black Market Selling Rate | ₦1,360 |
Comparison to Yesterday’s Rate: The Naira has slightly appreciated in the official market and has exhibited stability in the parallel market.
The dollar’s gains yesterday were largely attributed to a higher-than-expected first-quarter employment cost index figure. This fueled concerns about persistent inflation.
The dollar is nearing a six-month high. It remains to be seen if this trend will continue. However, investors are anticipating the conclusion of a two-day Fed meeting later today, during which the Fed will begin narrowing interest rates this year.
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