The Nigerian naira saw a minor depreciation in the official exchange market today, Thursday, April 17, 2025, as the US dollar now trades at ₦1,600.7991, down -0.432% compared to yesterday's rate.
Despite the slight slip, the dollar has shown signs of stability in the past week, though it's still down by -2.094% from its value seven days ago. The exchange rate has fluctuated significantly, reaching a high of ₦1,636.71 on April 10, 2025, and a low of ₦1,589.45 on April 14, 2025.
The sharpest single-day movement occurred on April 10, when the naira strengthened strongly, causing the dollar to fall by -2.252%.
🔢 Current Exchange Rate Summary:
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1 USD = ₦1,600.7991
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1 NGN = $0.00062469
💸 Conversion Examples (USD to NGN):
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$10 = ₦16,007.99
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$50 = ₦80,039.96
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$100 = ₦160,079.91
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$1,000 = ₦1,600,799.10
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$10,000 = ₦16,007,991.00
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$100,000 = ₦160,079,910.00
💱 Conversion Examples (NGN to USD):
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₦1,000 = $0.62
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₦10,000 = $6.25
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₦100,000 = $62.47
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₦1,000,000 = $624.69
📉 Market Overview:
Experts attribute the slight market volatility to ongoing forex reforms and policy expectations from the Central Bank of Nigeria (CBN). Analysts warn that fluctuations will likely continue as global oil prices and foreign reserves remain unstable.
Despite the dip, the naira's overall performance this week suggests cautious optimism in the FX market, especially after the April 10 recovery.
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