The Nigerian Naira remains weak against the US Dollar. Today, 27th April 2024, the black market offers a slightly higher rate than the official market.
Dollar to Naira Exchange Rates Today
CBN Official Rate:
- Buying rate: ₦1,339 per US Dollar
- Selling rate: ₦1,339 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. On Friday, at the investor’s and exporters’ window, the naira closed the week at ₦1339.23/$1. The naira’s depreciation started on Tuesday. The naira closed the day at a troubling exchange rate of ₦1,300 to $1, a 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.
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