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

10/04/2024•2 minute read

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

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.

Dollar to Naira Black Market Exchange Rates (10th April 2024)

Official Rate: ₦1,245 per US Dollar.
Black Market Rate: ₦1,140 per US Dollar, slightly lower than the official rate.
Comparison to Yesterday’s Rate: The Naira has been holding steady since yesterday’s rate of ₦1,245.

This stability is welcome news, especially for importers. The Nigeria Customs Service (NCS) 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.

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The Central Bank of Nigeria (CBN) is actively involved in bolstering the Naira. This week, they intensified their efforts through a two-pronged strategy. Firstly, they provided Bureau De Change (BDC) operators access to foreign currency at a more favourable rate (₦1,101 per US Dollar). However, these operators are capped on their selling price to prevent excessive margins. Then, the CBN instructed banks to limit the use of foreign currency as collateral for Naira loans. The CBN’s moves appear to be bolstering confidence in the Naira.