What is the CBN exchange rate today?

    On Thursday, the naira experienced a modest appreciation in the official market, trading at N1,479.80 per dollar. This data, sourced from the FMDQ Exchange—the official trading platform of the Nigerian Autonomous Foreign Exchange Market (NAFEM)—indicates a positive shift.

    Specifically, the naira strengthened by 337 kobo, marking a 2 percent gain from the previous trading rate of N1,483.99 per dollar observed on Friday (last week). Despite the positive movement in exchange rates, the volume of traded currency saw a significant decline.

    Dollar to Naira (USD to NGN)CBN Rate Today
    Buying RateN1479.80
    Selling RateN1480.22
    dollar to naira cbn exchange rate

    Black Market Exchange Rates Today

    Current black market dollar to naira conversion rate (Aboki dollar rate): According to sources at Bureau De Change (BDC), the exchange rate for a dollar to naira in the Lagos Parallel Market (Black Market) stands at N1483 for buying and N1486 for selling.

    Dollar to Naira (USD to NGN)Black Market Rate Today
    Buying RateN1483
    Selling RateN1496
    black market (Aboki dollar rate)) dollar to naira exchange rate

    Notice: It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) rates. The CBN has instructed individuals who wish to engage in foreign exchange transactions to do so through their respective banks.

    Exploring Nigeria’s Import Trends in Q1 2024

    In the first quarter of 2024, Nigeria’s import activities surged, with total imports reaching ₦12,643.23 billion. This marks a 39.65% increase from the previous quarter and a significant 95.53% rise compared to Q1 2023, indicating robust demand across various sectors.

    Key Commodities Driving Growth

    Refined petroleum products, particularly petrol and diesel, dominated Nigeria’s import bill. Despite being an oil producer, Nigeria’s reliance on imported refined products highlights local refinery challenges. Petrol imports increased by 25% and diesel by 30% from Q4 2023, emphasizing this dependency. Agricultural goods imports also surged to ₦920.54 billion, driven by essential food items like durum wheat, primarily sourced from Canada and Lithuania.

    Demand for Raw Materials

    The manufacturing sector’s demand for raw materials led to imports valued at ₦1.47 trillion, marking a 51.78% increase from Q4 2023 and a 164.18% rise from Q1 2023. This growth indicates a strong manufacturing sector, despite prevailing economic challenges.

    Global Import Partners

    China was Nigeria’s top import partner, accounting for 23.18% of total imports, driven by competitive pricing and a diverse range of goods. Other significant partners included India (8.46%), the USA (7.98%), Belgium (7.56%), and the Netherlands (4.68%). These partnerships reflect Nigeria’s extensive international trade network.

    For more detailed insights, visit NaijaEcho.com.ng