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.Zimbabwe Black Market Back in Business, Capitalizing on New Currency Launch
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 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 . The aim is to increase theof 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.