Dollar to Naira Black Market Exchange Rate today
Let’s have a look at the current exchange rate between the US dollar and the Nigerian naira. Let’s check how the bank rate of the dollar to the naira compares to the aboki rate.
Note: Due to a minor adjustment by the CBN Forex Rate, the Naira now sells for N435/$1 on the official market. It previously sold for N413.49/$1.
To be honest, if you have a few hundred bucks in Nigeria right now, you are well on your way to being a millionaire.
Are you interested in learning more about Abuja and Lagos’ black market rates? Traders swapped the naira for 578 naira. They’ll pay $570 for a $1 right now if you want to sell it.
This indicates that if you had one dollar today, you would get 578.
It was earlier stated that it was sold in Southend, Nigeria. Dealers in Uyo are rumored to charge 570 dollars each punch.
GBP to Naira Exchange Rates – Today’s Dollar, Pound, and Euro to Naira Exchange Rates on the official market is seen below
Date Currency Selling(NGN) Buying(NGN)
January 20, 2022 US DOLLAR 578 570
January 20, 2022 POUNDS STERLING 752 735
January 20, 2022 EURO 642 634
The USD is trading at 570 on the black market today, Saturday, January 15, 2022. (Lagos). The USD was selling at 570 when the Black Market opened this week on Monday, January 10, 2022. This week, the dollar has gained 0.00 percent against the naira.
At the start of this month, on Monday, January 3, 2022, USD was trading at 570. The USD/Naira exchange rate is now at 570, marking a monthly increase of 0.00 percent.
Dollar to Naira Yesterday, as well as the rest of the week, was full of surprises.
Price of Naira to Dollar in Balck Market Today?
You are now free to do so. The current black market dollar to the naira exchange rate is shown below. The matched currency ended at N570 and N580 per $1 on the underground market, according to PREMIUM TIME’s sources from forex traders in Uyo and Abuja.
Based on the premium times report, we were able to come up with the following calculations.
On the black market, there is a table rate.
Black market rate
Remember, TheCable stated that the Nigerian Naira was trading at N578 per dollar at the time.
The Nigerian Naira was trading at 570 to the dollar in three distinct marketplaces in Lagos, according to TheCable market Report research and watch.
In several places of the world, the dollar has increased to between 570and 578 cents.
The Nigerian Central Bank has stopped supplying dollars to BDC and ordered banks to meet the currency demand of ordinary Nigerians seeking dollars for lawful reasons.
The CBN now recognizes the Investors and Exporters window as the primary exchange rate market, therefore if you want to buy or sell dollars, you must utilize it without breaking the law.
Regardless of the fact that everyone has a point of view on the topic. Experts believe that things would not have progressed this far if the BDC had been engaged.
Not to mention, the CBN has spoken out against registered money changers round-tripping.
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how much is a dollar to naira today in the black market?
Key Factors that Affect Foreign Exchange Rates
Here are some of the factors that influence the naira’s exchange rate.
INFLATION RATES: It is commonly known that the black market exchange rate is directly affected by inflation. The Naira will benefit if the Nigerian economy is stabilized and inflation is managed; however, if the Naira continues to decrease, it could imply that food and other basic necessities are getting more expensive on a daily basis.
INTEREST RATES: Interest rates are another tool to keep an eye on. If the rate at which banks lend money increases, it will have a negative influence on the economy, leading it to contract and, as a result, the naira’s value to fall.
GOVERNMENT DEBT: Government debt has the ability to impact investor confidence and, as a result, the amount of money flowing into the economy. The naira exchange rate will appreciate in the Naira’s favor if inflows are high.
SPECULATION: The naira-to-dollar exchange rate is frequently influenced by speculators. They hoard money in the hopes of profiting, causing the naira to devalue even further.
TERMS OF TRADE: Although Nigeria is currently having a trade imbalance, favorable terms of trade would boost Naira’s value against the dollar. Everything is sourced from China, India, and the rest of Asia.
RECESSION: A recession is an economic downturn. As a result of this, investors and direct investment are fleeing the economy. As a result of the reduction in oil prices and the influence of Covid-19 on the global economy, Nigeria entered a recession in 2016 and will enter a third recession in 2020.