The official exchange rate of the US dollar to the Nigerian naira, as of today, 6th May 2024, is ₦1,442 per US dollar. The black market offers a higher selling rate than the official market.
Dollar (USD) to Naira (NGN) Exchange Rates Today
CBN Official Rate:
- Buying rate: ₦1,441 per US Dollar.
- Selling rate: ₦1,442 per US Dollar.
Black Market Exchange Rate:
- Buying rate: ₦1,400 per US Dollar.
- Selling rate: ₦1,420 per US Dollar, much higher than the official rate.
Comparison to Yesterday’s Rate: The Naira depreciated against the dollar in both the official and parallel market. The black market offers a slightly lower rate.
The Naira has begun the week showing signs of weakening in both the official and parallel market. The official exchange rate dropped to ₦1,442 per dollar, signifying an approximately 3% weakening from the ₦1,400 rate observed last week. Meanwhile, the black market exchange rate dropped to ₦1,420 per dollar from the ₦1,400 rate observed last week.
The Naira’s instability persists, defying interventions by the Central Bank of Nigeria. Recall that last week, the official market closed the week to trade at ₦1,400.40 per dollar, reflecting a 0.83% decrease compared to the previous close of N1,390.96 in April. Data from FMDQ, the official platform for foreign exchange trading in Nigeria, revealed a week of fluctuations where the Naira’s value ranged from a high of ₦1,445 to a low of ₦1,299.42 against the dollar
