The Nigerian currency, the naira, has been grappling with challenges for years now, facing pressures stemming from various factors like low oil prices, inflation spikes, and shortages in foreign exchange.
Dollar (USD) to Naira (NGN) Exchange Rate Today, April 10, 2024
As of today, April 10, 2024, the Central Bank of Nigeria (CBN) has set the official exchange rate at ₦1,588.32 per dollar for both buying and selling. This rate is crucial as it’s determined by the CBN to ensure stability and liquidity in the foreign exchange market.
However, the reality in the parallel market, also known as the black market, tells a different story. Here, the exchange rates are significantly higher due to the rampant demand for dollars and the limited supply.
Reports reveal that the black market exchange rate stands at ₦1,160.00 per dollar for buying and ₦1,130.00 per dollar for selling.
This glaring contrast between the official and parallel market rates can be attributed to various factors:
Firstly, the CBN’s stringent foreign exchange policies play a significant role. These policies restrict access to dollars in certain sectors, creating a scarcity that drives up demand in the parallel market.