The official exchange rate of the US dollar to the Nigerian naira, as of today, 9th May 2024, is ₦1,421 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 and parallel markets. The black market offers a higher exchange rate.
Once again, the Naira has depreciated against the US Dollar after yesterday’s trading session to trade at ₦1,421.06 per dollar at the official market, a 0.42% loss compared to yesterday’s rate of ₦1,416. In the black market, the value of the Naira dropped from yesterday’s rate of ₦1,430 per dollar to ₦1,445 per US dollar.
The Nigerian Naira has been facing some challenges in May. Compared to the US Dollar, the Naira’s value has been on a downward trend. The decline is driven by a scarcity of readily available foreign currency, especially US Dollars. According to the CBN, the total amount of dollars traded, supplied by buyers and sellers, has experienced a significant decline of 57.98%. Although, on Tuesday, in the official market, the daily trading value jumped to $160.77 million nearly double the $84.83 million recorded on Monday.
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There are also concerns that some Nigerians are choosing to hold onto their US Dollars rather than exchange them for Naira. This could be due to a lack of confidence in the Naira’s stability or simply because they see the Dollar as a safer investment right now. However, it is contributing to the dollar shortage in the market.
The Nigerian government is taking steps to try to stabilize the situation. The government has tried to limit how people can buy and sell Naira, particularly on certain online platforms. Early this week, the Nigerian Securities and Exchange Commission (SEC) announced plans to delist the naira from all peer-to-peer (P2P) crypto platforms. The SEC blames P2P platforms for manipulating the naira and the exchange rate. Also, on Tuesday, Nigeria’s Economic and Financial Crimes Commission, EFCC, arrested some Bureau De Change (money exchange) operators at a well-known black market in Abuja, Nigeria. This happened during the EFCC’s regular inspections to address unlicensed currency trading. These moves align with the Federal Government’s efforts to combat dollar racketeering and exchange rate manipulation.
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