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.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.
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.
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.
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