The Nigerian Naira has maintained signs of recovery against the US Dollar today, 29th April 2024. The black market still offers a higher rate than the official market.Selling rate: ₦1,165 per US Dollar.Selling rate: ₦1,330 per US Dollar, much higher than the official exchange rate. This represents a ₦120% or 8.57% gain compared to ₦1,420 to a dollar that it traded the
. However, there are reports that some black market traders sold the Naira for between ₦1,300 and ₦1,320 per dollar over the weekend.The Central Bank of Nigeria’s recent initiatives seem to have made a positive impact. However, the Naira value is still significantly lower. While the total daily volume of dollars traded has increased compared to the beginning of last week, the overall trend remains concerning. The official market opens today.
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