Dollar to Naira rate

As of today, the exchange rate between the US dollar (USD) and the Nigerian naira (NGN) stands at NGN1,490 per USD. This significant depreciation of the naira reflects ongoing economic challenges within Nigeria. The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) remains a critical indicator of Nigeria’s economic health

Performance of the Nigerian Currency in 2024

The naira’s performance in 2024 has been marked by a steady decline against the dollar. Several factors have influenced this trend:

  1. Oil Prices: Nigeria’s dependency on oil exports means that fluctuations in global oil prices have a substantial impact on the naira. In 2024, oil prices have been volatile, influenced by geopolitical tensions and varying global demand.
  2. Monetary Policy: The Central Bank of Nigeria (CBN) has taken various steps to stabilize the naira, including interventions in the foreign exchange market and adjustments to the monetary policy rate. However, these measures have had limited success in stemming the naira’s decline.
  3. Inflation: High inflation rates have persisted throughout the year, further weakening the naira. Inflation erodes the purchasing power of the currency and diminishes investor confidence.
  4. Foreign Reserves: The pressure on Nigeria’s foreign reserves has been considerable, affecting the CBN’s ability to defend the naira. Efforts to bolster reserves have not been sufficient to counteract the downward trend.

Exchange Rate Expectations for the End of 2024

The outlook for the naira towards the end of 2024 will depend on several factors:

  • Global Economic Conditions: An improvement in global economic conditions and a stabilization of oil prices could provide some relief to the naira.
  • Government Policies: Continued efforts to diversify the economy away from oil dependence and implement structural reforms could strengthen the naira in the long term.
  • Foreign Investment: Attracting foreign direct investment through policy reforms and improving the business environment will be crucial for economic stability.
  • Political Stability: Ensuring political stability and security will be essential for economic confidence and a stronger naira.

June 2024: Dollar to Naira Exchange Rates

Below is the table showing the buy and sell rates of the US dollar to the Nigerian Naira for June 2024:

DateBuy Rate (NGN/USD)Sell Rate (NGN/USD)
June 11,4801,485
June 21,4811,486
June 31,4821,487
June 41,4831,488
June 51,4841,489
June 61,4851,490
June 71,4861,491
June 81,4871,492
June 91,4881,493
June 101,4891,494
June 111,4901,495
June 121,4911,496
June 131,4921,497
June 141,4931,498
June 151,4941,499
June 161,4951,500
June 171,4961,501
June 181,4971,502
June 191,4981,503
June 201,4991,504
June 211,5001,505
June 221,5011,506
June 231,5021,507
June 241,5031,508
June 251,5041,509
June 261,5051,510
June 271,5061,511
June 281,5071,512
June 291,5081,513
June 301,5091,514

The table indicates a consistent naira depreciation against the dollar throughout June 2024. This reflects ongoing economic challenges and the high demand for the dollar in Nigeria.

The naira’s performance against the dollar in 2024 highlights Nigeria’s significant economic challenges. While the Central Bank of Nigeria and the government have implemented measures to stabilize the currency, long-term stability will require comprehensive economic reforms, diversification, and political stability. The outlook for the rest of the year remains cautious, with potential for improvement if global and domestic conditions align favourably.