Dollar to Naira Black Market Exchange Rate Today | USD To NGN

Dollar to Naira Black Market Exchange Rate Today | USD To NGN

Today’s Dollar to Naira Black Market Exchange Rate. You can now check the black market for dollars to naira here. Let us look at the current dollar to Nigerian naira exchange rate. Let us compare the bank rate for the US dollar to the aboki rate.

Dollar to Naira Black Market Rate Today Dollar to Naira (USD to NGN)       

The Black Market Exchange Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 680
Selling Rate 710

What is the current parallel market dollar-to-naira exchange rate? It may interest you to know that the dollar-to-naira rate on the black market might differ significantly from the rate on the Central Bank of Nigeria’s website (www.cbn.gov.ng).

The above pricing reflects the current USD to Naira conversion rate. To keep you updated, we will always update the most recent rate on a daily basis. The current currency equivalent of the United States Dollar is the Dollar to Naira Exchange Rate. Rates differ across banks and secondary marketplaces.

So keep reading to view today’s genuine mid-market exchange rate and Aboki FX rate. We contrast the Dollar and Naira bank rates with the Aboki FX rate. This website is updated every hour with the most recent market data.

  • Dollar to Naira Aboki FX
  • Dollar to Naira today
  • Dollar to Naira black market today
  • Dollar to Naira today parallel market
  • Dollar to Naira bank rate today
READ ALSO  MTN Data Plan 2022 | MTN Most Affordable Data Plans Codes

Due to a small adjustment made by the CBN Forex Rate, the Naira currently sells for N435/$ on the official market, with the CBN rate standing at N413.49 to the dollar.

Are you actually interested to know about the black market rates in Abuja and Lagos? The naira was exchanged at 614.

If you want to sell a dollar right now, they will pay you 710. This means that if you have a single dollar right now, you will exchange it for 695. Previously, it was reportedly sold in Nigeria’s south. In Uyo, dealers are said to trade at 680 dollars per punch.                                      

Yesterday and Throughout the Week: Dollar to Naira

How much does a naira currently exchange for on the black market?

Now you can Check out the black market conversion rate for the dollar to naira right now. The matched currency was claimed to have closed at N695and N710 per $1 on the underground market when we reviewed PREMIUM TIMES reports on forex dealers in Uyo and Abuja, respectively.

The following calculations were made using the premium times report as a basis.

Foreign Exchange Rate Influencing Factors

Here are some of the factors that cause the naira or exchange rate to fluctuate.

INFLATION RATES: It is well known that inflation has a direct impact on black market exchange rates. If the Nigerian economy remains stable and inflation is kept under control, the Naira will benefit; however, if the Naira continues to fall, it may indicate that food and other basic necessities are becoming more expensive on a daily basis.

INTEREST RATES: Another measure to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it will have a negative impact on the economy, causing it to contract and the naira to fall in value.

GOVERNMENT DEBT: National debt can have an impact on investor confidence and, as a result, the inflow of dollars into the economy. If inflows are high, the naira exchange rate will appreciate favorably.

SPECULATORS: Speculators frequently influence the naira-to-dollar exchange rate. They hoard money in anticipation of a gain, causing the naira to fall even further.

TERMS OF TRADE: Favorable trade terms will lead to an increase in the value of the Naira to the dollar, but Nigeria is currently experiencing a trade imbalance.

The dollar to naira bank rate is the rate you use when you buy something from a foreign website using your Naira Mastercard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the illicit market.

READ ALSO  CAC Registration Portal Login 2022 | CAC Business Name Registration Portal

What are your thoughts on the Dollar to Naira Black Market Exchange Rate? Today, tell us what you think and how the government might collaborate with the CBN to offer appropriate USD-Naira rates in the future.

Leave a Reply