Dollar to Naira Black Market Exchange Rate today. You can now check dollar to naira black market here.
Let’s take to See the current dollar to Naira exchange rate as of today. Let’s help compare the Dollar to Naira bank rate vs aboki rate.
Dollar to Naira Black Market Rate Today
Dollar to Naira Black Market Rate Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
|Pounds to Naira (USD to NGN)||CBN Official Exchange Rate Today|
Note: Naira sells for N435/$1 At Official Market as a result of a slight Adjustment made by CBN Forex Rate , which puts the CBN rate at N413.49/$1
Honestly If you have just a few hundred of dollars right now in Nigeria, you are made, in fact you are a rich man .
Interested in knowing what the black market rates are in Abuja and Lagos? dealers exchanged the naira at 610
While if you want to sell 1 dollar right now, they will buy it at 605
This means that if you have 1 Dollar right now you are going to change it for 610
Previously it was reportedly sold in Southend of Nigeria, In Uyo, dealers are said to trade at 590 dollar by punch
Dollar, Pounds, Euro to Naira Today – GBP to Naira Today
USD is being traded at ₦610 in Black Market(Lagos) today, Sunday, May 22, 2022. USD has been traded at ₦590 when Black Market opened this week on Monday, May 16, 2022. This makes it 0.20% rise for USD against Naira this week.
When we look at this month, USD was traded at ₦570 at the beginning of this May on Monday, May 2, 2022. As at today with USD being traded at ₦610 we see a 0.40% rise for USD to Naira exchange rate for this month.
Dollar to Naira Yesterday and Throughout the Week
How much is naira to dollar today in black market?
You can now See today’s black market dollar to naira exchange rate today. When we checked on PREMIUM TIMES reports on forex dealers in Uyo and Abuja respectively it was reported that the paired currency closed at N605 and N610 per $1 at the black market.
Based on what premium times report we have been able to arrived at the following calculations
Black Market table rate
Let’s not forget that TheCable had earlier on given us a report , that the Nigerian Naira traded at N605/$1.
“browsing through the market report and watch of TheCable showed that the Nigerian Naira was and currently exchanges at 610 to the dollar at just three different markets in Lagos, ”
News flash:The dollar rose to between 605 and 610 in different parts report punch News paper
The Central Bank of Nigeria has suspended the sale of Dollars to BDC and has asked banks to meet dollar demand of ordinary Nigerians who want to genuinely want dollars for genuine reasons.
Right now The only exchange rate market recognize by CBN is the Investors and Exporters window, So if you want to buy or sell dollars you are expected to make use it without breaking the law.
Although everyone has been airing their own opinion on this matter. Expert has argued that had it been the BDC was operational things won’t have gone wrong this far.
Let’s not forget that the CBN has condemned the act of registered money changers who engaged in round-tripping..
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Key Factors that Affect Foreign Exchange Rates
Here are factors we have identified that make naira or exchange rate to fluctuate.
INFLATION RATES: inflation is known to have a direct impact on blackmarket exchange rate. If the Nigerian economy can be stable and inflation put under control, it will impact positively on the Naira but on the other hand if the Naira continues to nose dive down it could tell that the prices of food and other basic necessities are getting higher on daily basis.
INTEREST RATES: interest rates is another instrument to watch. If the rate at which bank lends money out goes up then it will reflect negatively on the economy, making the economy to contract and hence naira will suffer a fall in value.
GOVERNMENT DEBT: National debt can influence investors confidence and subsequently inflow of dollars into the economy. If inflows are high naira exchange rate will appreciate favourably to the Naira.
SPECULATION: most times naira to dollar exchange rate are influenced because of speculators. They hoard money in anticipating gain and this makes naira to fall further.
TERMS OF TRADE: favourable terms of trade will lead to increase in the value of Naira to dollar but unfortunately Nigeria is experiencing an imbalance terms is trade. We import everything from China, India and most of Asians countries.
RECESSION: recession is a stress on the economy. This scares investors and direct investment away from the economy. Nigeria experienced recession in 2016 and a third recession in 2020 due to fall in oil price and Covid-19 impact on world economy.