USDT, or Tether, is a type of cryptocurrency known as a stablecoin, designed to maintain a stable value by pegging it to a fiat currency, such as the US dollar.
Each USDT token is intended to be backed by one US dollar held in reserve.
USDT to Naira (NGN) Exchange Rate Today, April 10, 2024
As of April 10, 2024, the exchange rate for 1 USDT (Tether) to Naira (NGN) mirrors that of the US dollar to Naira, with both currencies sharing the same exchange rate. The Central Bank of Nigeria (CBN) has set the official exchange rate for 1 USDT at ₦1,588.32 for both buying and selling.
This rate, determined by the CBN, is aimed at maintaining stability and liquidity in the foreign exchange market. However, the parallel market, or black market, tells a different story. Here, individuals and businesses engage in the buying and selling of foreign currencies without CBN involvement.