The official exchange rate of the US dollar to the Nigerian naira, as of today, 4th May 2024, is ₦1,400 per US dollar. The black market offers a higher selling rate than the official market.
Dollar to Naira Exchange Rates Today
CBN Official Rate Today:
- Buying rate: ₦1,400 per US Dollar.
- Selling rate: ₦1,400 per US Dollar.
Black Market Exchange Rate Today:
- Buying rate: ₦1,380 per US Dollar.
- Selling rate: ₦1,410 per US Dollar, much higher than the official rate.
Comparison to Yesterday’s Rate: The Naira depreciated against the dollar in both in the official and parallel market.
The Naira experienced a more pronounced weakening in the parallel market, the black market. The unofficial exchange rate dropped to ₦1,380 per dollar, signifying a 1.45% decline from the ₦1,360 rate observed on April 30th. Currency traders attribute the lack of dollar movement to a shortage of dollars in the informal market. This shortage is impacting individuals seeking Dollars for business ventures, personal travel, and imports.
As of last week, the Nigerian Naira was trading at a high of ₦1,165 and ₦1,330 per US dollar at the official and black markets, respectively. This raised hopes that the CBN policies were seeing some results. However, this week, the naira experienced significant fluctuations. Today, the Naira is trading at ₦1,400.40 per dollar, reflecting a 0.83% decrease compared to the previous close of ₦1,390.96 in April. Data from FMDQ, the official platform for foreign exchange trading in Nigeria, revealed a day of fluctuations. The Naira’s value ranged from a high of ₦1,445 to a low of ₦1,299.42 against the dollar, resulting in a significant spread of ₦145.58.
Despite the depreciation, the volume of dollar transactions on the NAFEM window witnessed a modest increase. Trading activity reached $232.84 million, representing a 3.32% rise compared to the $225.36 million recorded on Tuesday.
