Dollar to Naira Black Market Exchange Rate Today: May 23, 2024
Today, May 23, 2024, the Dollar to Naira exchange rate in the black market stands at ₦1,450 – ₦1,490 per US dollar. The fluctuating exchange rates in Nigeria are a hot topic, and understanding them can help you make informed financial decisions. Let’s delve into the current rates and what they mean for you.
Current Dollar to Naira Black Market Rates
Black Market Rates (Aboki Dollar Rate)
As of today, the exchange rate for the dollar to naira at the Lagos Black Market shows:
- Buying Rate: ₦1,450
- Selling Rate: ₦1,470
These rates, sourced from Bureau De Change (BDC) operators, highlight the ongoing volatility in the market.
Central Bank of Nigeria (CBN) Rates
The CBN maintains different rates, and it’s important to note:
- Buying Rate: ₦1,445
- Selling Rate: ₦1,446
The CBN does not recognize the parallel market and advises individuals to approach their respective banks for foreign exchange transactions.
Weekly Trend Analysis
Recent Trends and Fluctuations
Over the past week, from May 15, 2024, to May 21, 2024, the black market sell rate for the dollar to naira ranged between ₦1,470 and ₦1,560. The average rate during this period was ₦1,516.94.
Comparing today’s rate of ₦1,450 with the average of the past week shows a decrease of 56.94 points, equivalent to a 3.75% fall. This drop reflects a significant appreciation of the Naira against the dollar.
Also Read: Ranking: 10 African Nations with the Most Weakest Currencies in 2024
Naira Appreciates in Parallel and NAFEM Markets
Market Appreciation
The Naira has shown notable strength recently. According to the latest financial reports:
- On Tuesday, the Naira appreciated to ₦1,470 per dollar from Monday’s rate of ₦1,475 per dollar in the parallel market.
- In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira improved to ₦1,465.68 per dollar from ₦1,468.99 per dollar on Monday, marking an appreciation of ₦3.31.
Rate Convergence
Data from FMDQ indicates that the gap between the parallel market and NAFEM rates has narrowed to ₦4.32 per dollar from ₦6.01 per dollar earlier in the week. This convergence suggests a stabilizing trend, which could be promising for future exchange rates.
Impact on Import Duties
Nigerian Customs Service (NCS) Adjustments
Reflecting the Naira’s fluctuations, the Nigerian Customs Service (NCS) has adjusted its exchange rate for import duty collections to ₦1,502.1 per US Dollar. This adjustment marks the highest rate in seven weeks, surpassing the previous peak of ₦1,572 set in late March.
What Does This Mean for You?
Practical Implications
For everyday Nigerians and businesses, these changes have direct implications:
- Importers: Higher import duties mean increased costs for goods, which could affect prices and profitability.
- Travelers and Remittance Receivers: The varying rates impact the amount of money received from abroad and the cost of foreign travel.
- Investors and Businesses: Understanding these trends is crucial for financial planning and decision-making.
Final Thoughts
The dynamic nature of the Dollar to Naira exchange rate underscores the importance of staying informed. Whether you’re dealing with imports, planning travel, or simply managing finances, being aware of these fluctuations can help you navigate the economic landscape more effectively.
