The official exchange rate of the US dollar to the Nigerian naira, as of today, 3rd May 2024, is ₦1,402 per US dollar. The black market offers a lower exchange rate than the official market.
CBN Official Rate:
Black Market Exchange Rate:
Comparison to Yesterday’s Rate: The Naira depreciated against the dollar in both the official and parallel markets.
As of last week, the Nigerian Naira had begun trading at a high of ₦1,165 and ₦1,330 per US dollar at the official and black markets, respectively. This raised hopes that the CBN policies were seeing some results. However, this week has seen the naira expereinces significant fluctuations. The naira started the week trading at ₦1,419 in the investor’s and Exporters’ window. However, by Tuesday, April 30th, the naira gained some ground to trade at ₦1,390.
Today, the Naira settled at ₦1,402.67 per dollar, reflecting a 0.83% decrease compared to the previous close of ₦1,390.96 in April. Data from FMDQ, the official platform for foreign exchange trading in Nigeria, revealed a day of fluctuations. The Naira’s value ranged from a high of ₦1,445 to a low of ₦1,299.42 against the dollar, resulting in a significant spread of ₦145.58.
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Despite the depreciation, the volume of dollar transactions on the NAFEM window witnessed a modest increase. Trading activity reached $232.84 million, representing a 3.32% rise compared to the $225.36 million recorded on the preceding Tuesday.
Meanwhile, the Naira experienced a more pronounced weakening in the parallel market, the black market. The unofficial exchange rate dropped to N1,380 per dollar, signifying a 1.45% decline from the N1,360 rate observed on April 30th. This shift in the parallel market rate narrowed the disparity between the official NAFEM rate and the unofficial rate.
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