The Nigerian Naira has maintained signs of recovery against the US Dollar today, 29th April 2024. The black market still offers a higher rate than the official market.
Dollar to Naira Exchange Rates Today
CBN Official Rate:
- Buying rate: ₦1,164 per US Dollar.
- Selling rate: ₦1,165 per US Dollar.
Black Market Rate:
- Buying rate: ₦1,300 per US Dollar.
- Selling rate: ₦1,330 per US Dollar, much higher than the official exchange rate.
Comparison to Yesterday’s Rate: The Naira remains unchanged against the dollar.
The Naira is still showing signs of recovery against the US dollar at the parallel market, as it appreciated to ₦1300/$1 today. This represents a ₦120% or 8.57% gain compared to ₦1,420 to a dollar that it traded the previous day. However, there are reports that some black market traders sold the Naira for between ₦1,300 and ₦1,320 per dollar over the weekend.
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The Central Bank of Nigeria’s recent initiatives seem to have made a positive impact. However, the Naira value is still significantly lower. While the total daily volume of dollars traded has increased compared to the beginning of last week, the overall trend remains concerning. The official market opens today. The coming days will be crucial in determining the direction of the Naira.
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