Current Exchange Rate of the US Dollar to Nigerian Naira

As of August 26, 2024, the exchange rate for the US dollar to the Nigerian naira has shown some fluctuations. In the official market, the naira ended the last trading week at an exchange rate of N1,570.14 per US dollar. This represents a slight appreciation from the previous rate of N1,586.11 per US dollar, indicating a strengthening of the naira by approximately 1.01%​(

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In the parallel or black market, which often provides a different rate due to demand and supply dynamics, the naira was trading at around N1,605 per US dollar on the same date. This is a small improvement from N1,615 per US dollar observed previously​(

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The Central Bank of Nigeria (CBN) has been actively involved in the foreign exchange market, with interventions that aim to stabilize the naira and control inflation. Despite these efforts, the naira's value against the dollar and other major currencies like the British pound and euro remains subject to various economic factors, including global oil prices, foreign reserve levels, and foreign investment flows​(

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Understanding the dynamics of the naira's exchange rate is crucial for businesses, investors, and individuals in Nigeria, as it affects everything from import prices to inflation and overall economic stability.