The Dollar to Naira exchange rate depreciated further on the parallel market popularly known as the black market on 12th, November 2024, according to various foreign exchange traders.
The United States Dollar was sold at N1,725 for Nigerian Naira while the same was acquired at N1,735 in the early hours of Today.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) |
Black Market Exchange Rate Today |
| Selling Rate |
N1725 |
| Buying Rate |
N1735 |
Here is the Central Bank of Nigeria (CBN) official exchange rate for today.
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) |
CBN Rate Today |
| Selling Rate |
N1654 |
| Buying Rate |
N1655 |
Meanwhile, economic uncertainty continued to affect Nigeria’s productivity, new job creation, consumer spending and standard of living.
Even though, the current administration had promised to run an economic friendly policy, the effects of the new policies are yet to impact the economy.
Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said the decision of the bank to float the naira amid considerable public criticism was inevitable to “bring the official exchange rate closer to market reality”.
Cardoso said the disparity between the official and parallel rates had encouraged arbitrage and speculation, eroding trust in the market.
He made the comments while addressing members of the Harvard Club of Nigeria in Lagos on “Leadership in Challenging Times: Restoring Credibility, Building Trust, and Containing Inflation,” at the weekend in Lagos.
Cardoso insisted that without credibility, no policy, however well-intentioned, could succeed.
He said, “Credibility is earned by consistency. The decision to close this gap, while painful in the short term, sent a message to market participants that the CBN was committed to transparency and sound monetary policy.”
He pointed out that speculative trading had been minimised while stability was gradually returning to the currency markets.