Naira rebounds against the dollar at parallel market, sells for N1,300/$ Today

The Nigerian Naira is showing signs of recovery against the US Dollar today, April 28th, 2024. However, the black market offers a higher rate than the official market.Zimbabwe Black Market Back in Business, Capitalizing on New Currency Launch

The naira is showing signs of recovery against the US dollar at the parallel market as it appreciated to ₦1300/$1 today. This represents an ₦120 or 8.57% gain compared to ₦1,420 to a dollar it traded the However, there are reports that some black market traders sold the naira for between ₦1,300 and ₦1,320 per dollar. The official market is currently closed, and there is no guarantee that the rate will be when it opens on Monday due to the volatile nature of the market.

The Central Bank of Nigeria’s recent initiatives seem to have made a positive impact. The CBN made efforts to curb this trend by selling more dollars to Bureau De Change operators . The aim is to increase theof dollars in the market and possibly strengthen the Naira. However, the Naira has continued to lose value. While the daily volume of dollars traded has increased compared to the beginning of the week, the overall trend remains concerning.

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

EFCC to arraign Cubana Chief Priest for alleged naira abuse todayTHE Economic and Financial Crimes Commission, EFCC, has filed a three-count charge against Cubana Chief Priest, the nightlife promoter, for alleged abuse of the Nigerian currency.
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Naira strengthens but prices stay stubborn: Why consumers aren't seeing relief yetNigeria's independent online newspaper
Source: thecableng - 🏆 2. / 80 Read more »

UPDATED: JAMB Releases 2024 UTME Results, 8,401 Score 300 And AboveThe Latest News from Nigeria and Around the World
Source: channelstv - 🏆 7. / 63 Read more »

UTME 2024: 8,401 candidates score above 300; 64,624 results under investigationOloyede said that 1,989,668 candidates registered for the examinations held in 118 towns in 774 Computer Based Test Centres (CBT).
Source: vanguardngrnews - 🏆 5. / 75 Read more »

CILT Nigeria says 300 lives lost to boat accidents in 2023The Chartered Institute of Logistics and Transport, Nigeria has expressed displeasure over the frequent loss of lives associated with passenger ferries on coastal and inland waterways, even as it advocated for more safety culture measures by users and stakeholders.
Source: vanguardngrnews - 🏆 5. / 75 Read more »

Currency outside banks up by 300% as economy slips into cash hoardingData sourced from the Central Bank of Nigeria (CBN) suggest the economy may be relapsing to cash hoarding again a year after the chronic currency scarcity even as the proportion of currency in circulation that is held outside the banking system has returned to the pre-naira redesign level.
Source: GuardianNigeria - 🏆 1. / 94 Read more »