The Nigerian Naira is showing signs of stability as of 10 April 2024. The official Dollar to Naira exchange rate remains unchanged at ₦1,245 per US Dollar. Meanwhile, the black market rate has softened slightly, currently sitting at ₦1,140 per US Dollar., especially for importers. The Nigeria Customs Service has implemented a downward adjustment to their exchange rate for import duties. This means it’s now more affordable to clear imported goods, with the new rate set at ₦1,238.17 per US Dollar.
This translates to a cost reduction of ₦6.14 compared to the previous rate.The Central Bank of Nigeria is actively involved in bolstering the Naira. This week, they intensified their efforts through a two-pronged strategy. Firstly, they provided Bureau De Change operators access to foreign currency at a more favourable rate . However, these operators are capped on their selling price to prevent excessive margins.
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