The official exchange rate of the US dollar to the Nigerian naira, as of today, 8th May 2024, is ₦1,416 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 depreciated against the dollar in the official market, while it showed signs of stability in the parallel markets (black market). The black market offers a slightly higher exchange rate.
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Once again, the Naira has depreciated against the US Dollar after yesterday’s trading session to trade at ₦1,416.57 per dollar at the official market, a 4.40% loss compared to yesterday’s rate of ₦1,354.21. However, the daily trading value jumped to $160.77 million on Tuesday, nearly double the $84.83 million recorded on Monday.
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