Black Market Exchange Rate Today 28th April 2024
The Nigerian Naira is showing signs of recovery against the US Dollar today, April 28th, 2024. However, the black market offers a higher rate than the official market.
Dollar to Naira Exchange Rates Today
CBN Official Exchange Rate:
- Buying rate: ₦1,164 per US Dollar
- Selling rate: ₦1,165 per US Dollar.
Black Market Exchange Rate:
- Buying rate: ₦1,300 per US Dollar
- Selling rate: ₦1,330 per US Dollar, much higher than the official rate.
Comparison to Yesterday’s Rate: The Naira has gained some ground against the dollar.
The naira is showing signs of recovery against the US dollar at the parallel market as it appreciated to ₦1300/$1 today. This represents an ₦120 or 8.57% gain compared to ₦1,420 to a dollar it traded the previous day.
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However, there are reports that some black market traders sold the naira for between ₦1,300 and ₦1,320 per dollar. The official market is currently closed, and there is no guarantee that the rate will be when it opens on Monday due to the volatile nature of the market.
The Central Bank of Nigeria’s recent initiatives seem to have made a positive impact. The CBN made efforts to curb this trend by selling more dollars to Bureau De Change operators (BDCs). The aim is to increase the supply of dollars in the market and possibly strengthen the Naira. However, the Naira has continued to lose value. While the daily volume of dollars traded has increased compared to the beginning of the week, the overall trend remains concerning.
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