Dollar To Naira Black Market Exchange Rate Today

Are you interested in knowing the current dollar to naira exchange rate?

Knowing the dollar to the naira exchange rate is very important, particularly when it comes to the Aboki fx dollar to naira rate. It is wise to be aware of the exchange rate if you are travelling abroad or conducting online transactions.

Everything you need to know about the USD to NGN exchange rate and the current dollar to the naira exchange rate, including the black market rate and the CBN rate, will be covered in this article.

You can exchange your dollars for naira at this rate, the most recent black market rate, or the parallel market rate.

Continue reading to view the current Aboki FX rate and the actual mid-market exchange rate. We contrast the Aboki FX rate with the bank rates for the dollar and the naira.

Dollar To Naira, And The Official Exchange Rate

It is important to keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (often known as the black market), and it has urged those who are interested in forex to contact their local banks before moving forward.

The Central Bank of Nigeria (CBN) rate and the parallel exchange rate, sometimes known as the black market rate, are never the same. The value of one dollar in terms of another currency, specifically the Nigerian naira, has a considerable impact on the economy of Nigeria.

As the value of the Naira continues to decline, inflation takes control of the economy and, as a result, people in the country are typically impacted.

The Central Bank of Nigeria has indicated that the economy of Nigeria requires substantial improvement and Nigerians are challenged to contribute toward this goal by expanding their exports, among other things.

The exchange rate for dollars on the black market is frequently greater than the rate offered by the Central Bank of Nigeria (CBN). On the CBN website (cbn.gov.ng), which converts dollars to naira, the exchange rate that is displayed is known as the CBN Exchange rate. You can use this rate to buy or sell dollars for naira.

When you buy something from a foreign website using your Naira MasterCard or Debit card from a Nigerian bank, the rate you use is the dollar-to-naira bank rate. This is the rate that is provided by the bank. These prices are virtually always lower than the ones that are offered on the black or parallel market.

Dollar To Naira Black Market Exchange Rate Today

Dollar To Naira Official CBN Exchange Rate Today

Factors Affecting Dollar To Naira Exchange Rates

The following are some of the factors that have contributed to the decline of the dollar’s value relative to the naira.

Inflation Rate

It is commonly known that inflation has a direct impact on the currency rates in the black market. The Nigerian currency will gain if the economy of Nigeria can be stabilized and inflation can be kept under control; but, if the naira continues to decrease, it may imply that food and other needs are getting more expensive daily.

Interest Rate

The rates of interest are also another indicator to keep an eye on. It would be detrimental to the economy if the interest rate at which banks lend money increased, which would lead to a contraction of the economy and a decline in the value of the naira.

Government Debt

The level of national debt can affect the confidence of investors and the amount of money that flows into the economy. If there are a lot of inflows, the exchange rate for the naira will go up, which is good news for the naira.

Speculators

The value of one naira relative to the dollar is frequently influenced by traders’ speculations. They are hoarding cash in preparation for a future profit, which is driving the value of the naira even farther down.

The Terms And Conditions Of Trade

Even though Nigeria is now experiencing a trade deficit, the value of the naira over the dollar will improve as a result of favourable trade terms. Everything originates in Asia, specifically China, India, and the other predominant Asian nations.

Dollar To Naira Black Market Exchange Rate Frequently Asked Questions

What Is Black Market Exchange Rate?

Black market exchange rates are currency conversions that are not based on the officially supplied exchange rate that has been established by the government.

These rates on the black market are frequently observed when the official rate has a brief similarity to the actual conditions of the market.

How Much Does $1 Worth In Naira On The Black Market?

The current dollar-to-naira black market exchange rate is between 750 and 740 with an average of 739.00.

Conclusion

Having complete knowledge of the current exchange rate of USD to NGN on the black market will provide you with a better opportunity to plan and make decisions based on accurate information.