Dollar to Naira Black Market Exchange Rate Today: May 30, 2024

Today, May 30, 2024, the Dollar to Naira exchange rate in the black market stands at ₦1,480  – ₦1,530 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: ₦1,510
• Selling Rate: ₦1,515

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: ₦1,381
• Selling Rate: ₦1,382

Dollar to Naira Exchange Rate Black Market Trends Over the Last Week

When we examine the last seven days, from May 21, 2024, to May 29, 2024, the Dollar to Naira black market rate fluctuated between ₦1,460 and ₦1,530, averaging around ₦1,500.43. Comparing last week’s average rate to today’s (May 29, 2024) rate, we observe a decrease of 20.43 points, from ₦1,500.43 to ₦1,480.00, reflecting a 1.36% drop.

Also Read: Ranking: 10 African Nations with the Most Weakest Currencies in 2024

Naira’s Performance in the Official Market

Meanwhile, in the official foreign exchange market, the Nigerian Naira appreciated significantly against the US dollar on Monday, closing at ₦1,339.33/$. This represents a substantial 9.68% increase from Friday’s rate of ₦1,482.81/$, according to data from the FMDQ, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEX).

Parallel Market Dynamics

Despite the Naira’s gain in the official market, it faced a slight depreciation in the parallel (black) market, where it traded at ₦1,520 to the dollar, down 1.32% from ₦1,500 on Friday. This divergence highlights the ongoing challenges in balancing the two markets.

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.