Dollar to Naira Black Market Exchange Rate Today | USD To NGN
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.
Today’s Black Market Exchange Rate for 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 |
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| Selling Rate | ₦1,510.00 |
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 daily. 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
Due to a small adjustment made by the CBN Forex Rate, the Naira currently sells for N1400/$ on the official market, with the CBN rate standing at N1450 to the dollar.
Are you interested to know about the black market rates in Abuja and Lagos? The naira was exchanged at 1,500
If you want to sell a dollar right now, they will pay you 1,500. This means that if you have a single dollar right now, you will exchange it for 1500. Previously, it was reportedly sold in Nigeria’s south. In Uyo, dealers are said to trade at 1600 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. this means you can buy Dollars at 1,500 while you can sell at 1,510 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.
Factors that Cause 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 necessities are becoming more expensive daily.
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.
What are your thoughts on the Dollar 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.
FAQs
What is the current black market exchange rate for USD to NGN?
The black market exchange rate for USD to NGN fluctuates daily due to various factors such as demand and supply, economic conditions, and geopolitical events. As of today, the rate is approximately 1 USD = [1,500] NGN. It’s advisable to check reliable financial news websites or currency exchange platforms for the most up-to-date rates.
Why is the black market exchange rate different from the official rate?
The black market exchange rate often differs from the official rate set by the Central Bank of Nigeria (CBN) due to several reasons. The official rate is controlled and can be influenced by government policies and interventions. In contrast, the black market rate is determined by the free market dynamics of supply and demand. Factors such as scarcity of foreign currency, economic instability, and inflation can cause the black market rate to be higher than the official rate.
Is it legal to exchange currency on the black market in Nigeria?
Exchanging currency on the black market in Nigeria is illegal. The Central Bank of Nigeria regulates foreign exchange transactions and sets the official exchange rates. Engaging in black market currency exchanges can lead to legal consequences, including fines and imprisonment. It is recommended to use authorized financial institutions and exchange services for currency transactions to avoid legal risks.
How can I find the best exchange rate for USD to NGN?
To find the best exchange rate for USD to NGN, you should:
- Monitor reputable financial news websites and currency converter tools that provide real-time exchange rates.
- Compare rates offered by different authorized exchange services and banks.
- Consider the fees and charges associated with currency exchange, as they can affect the overall rate.
- Avoid black market exchanges despite potentially higher rates, as they are illegal and risky.
By following these steps, you can ensure you are getting a competitive rate while staying within the legal framework.
