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Dollar crashes to ₦1,140 on black market after CBN reviews BDCs’ exchange rate

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Discover how the Dollar to Naira exchange rate crashed to ₦1,140 on the black market after CBN's strategic review, offering hope for Nigeria's economy.

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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