The official exchange rate of the US dollar to the Nigerian naira, as of today, 7th May 2024, is ₦1,354 per US dollar. The black market offers a higher selling rate than the official market.
CBN Official Rate:
Black Market Exchange Rate:
Comparison to Yesterday’s Rate: The Naira appreciated against the dollar in both the official and parallel markets. The black market still offers a higher rate.
The Nigerian Naira experienced a surprising gain against the US Dollar after Monday’s trading session, even though less dollar currency was available for trading in the official foreign exchange market. The Naira closed at ₦1,354.21 per dollar at the official market, a 3.41% increase compared to Friday’s closing rate of ₦1,400.40.
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However, the total amount of dollars traded (supplied by buyers and sellers) experienced a significant decline of 57.98%. On Monday, only $84.83 million was traded compared to $201.88 million on Friday. According to the FMDQ, while the highest exchange rate reached (intraday high) was ₦1,441, which is weaker than Friday’s ₦1,435, the lowest rate (intraday low) strengthened to ₦1,285 compared to Friday’s close of ₦1,300.40.
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