Black Market Dollar Rate in Nigeria Today

Dollar to Naira Black Market rate – Here is black market Dollar rate in Nigeria today. You change your USD to naira at these rate or convert dollar to naira at the latest black market rate or parallel market.

The naira, which fell to an all-time low of N710 to the greenback in early July, appreciated to about N790/$1.

So many Nigerians prefer to exchange their foreign currencies especially the US Dollars to naira using the black market because the exchange rate is very high compared to what the bank offers.

If you want to know the current black market rate, here is the page to find that.

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Aboki fx dollar to naira exchange rate has also been added here so you can easily verify each of the rate for the currencies you want to exchange in the parallel markets.

Abokifx is the most trusted source for black market dollar to naira rate today. You can find their exchange rate for today.

SmartBusinessInfoHub.com cannot guarantee correctness of the rates.

Dollar to Naira exchange rate in Nigeria black market is between ₦799 and ₦810

Black Market Dollar Rate in Nigeria Today

Please note that the rates you buy or sell forex may differs from what is above because prices varies.  We will always update the latest rate on a daily basis to keep you informed. Dollar to Naira Exchange Rate is the current exchange equivalent of the United States Dollar. 

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

Well, it may interest you to know that Dollar to Naira rate in the black market sometimes varies hugely from the rate in Central Bank of Nigeria website (www.cbn.gov.ng).

How much is 1$ to a Naira?

Official Exchange rate is 1$ -N815.09. Parallel exchange rate (black market) exchange rate is always different from CBN rate. Currently, Naira is trading at 815 Naira Per Dollar. The Nigerian Economy is drastically affected by the Dollar to Naira exchange rate.

The CBN Exchange rate is the rate you can buy or sell dollars for naira listed on CBN dollar to naira website cbn.gov.ng.

Dollar to Naira bank rate is the rate you use when purchasing something from foreign websites using your Naira Mastercard or Debit card from Nigerian Banks. These rate normally would always be lower than what is obtainable in the black market.

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Some Factors That Influence Foreign Exchange Rates

These are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will lead to an increase in the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

How Nigeria Government Can Curb High Inflation

In Nigeria, the cost of production has increased tremendously. Prices are rising daily yet the NBS reported that the headline inflation rate slowed down in April 2022 when compared to the same month in the previous year.

Many Nigerians are passing through pain as they can no longer eat twice a day due to the high prices of commodities in the market.

Many Nigerians have reduced their consumption due to the prevailing high prices in the market. Macroeconomic studies have shown that consumption expenditure is one of the main drivers of economic growth. A reduction in private consumption in Nigeria may affect the GDP growth for 2022. Get a Safe and Reliable Loan Fast

In Nigeria, food inflation hit the highest at 18.37 percent in April 2022 from November 2021. The Central Bank of Nigeria (CBN) recently reported that various interventions in agriculture had led to the drop in food import bill.

The drop in import bill has not resulted in the affordability or availability of food items in Nigeria.

Since the disaster began on February 24, Nigeria’s overseas reserves have dropped through $138 million to $49.7 billion. Click this==> Top 15 Online Business Ideas To Start in Nigeria and make money.

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What’s your Opinion on Black Market Dollar Rate in Nigeria Today, let us know what you think and how the Government can work with the CBN to provide reasonable USD to naira rates in the future.