Dollar to Naira Black Market Exchange Rate Today (2 May, 2022) | USD to Naira

Dollar to Naira Black Market

Dollar to Naira Black Market rate – Here is the current USD to Naira rate today.  CBN & black market exchange rate for dollar to naira aboki fx. You change your USD to naira at this rate or convert the dollar to naira at the latest black market rate or parallel market.

Beware: Please note that the exchange rate changes hourly. It depends on the volume of dollars available and the Demands.

So many Nigerians prefer to exchange their foreign currencies, especially the US Dollars for 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.

Aboki fx dollar to naira exchange rate has also been added here so you can easily verify each of the rates for the currencies you want to exchange in the parallel markets. Aboki fx is the most trusted source for black market dollar to naira rate today. You can find their exchange rate for today here.

Dollar to Naira Black Market Rate Today – May 7, 2022

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦570
Selling Rate ₦598

 

What is the current dollar to the naira exchange rate in the parallel market? Well, it may interest you to know that the Dollar to Naira rate in the black market sometimes varies hugely from the rate on the Central Bank of Nigeria website (www.cbn.gov.ng).

The price listed above is the current USD to Naira exchange rate. 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. Rate varies for various banks and parallel markets.

How Much is Dollar to Naira Official Exchange Rate Today

The parallel exchange rate (black market) exchange rate is always different from the CBN rate. Currently, Naira is trading at 573 Naira Per Dollar. The Nigerian Economy is drastically affected by the Dollar to Naira exchange rate.

As Naira is falling, inflation takes over the economy which usually affects the citizens. Central Bank Governor, Godwin Emefiele has said that the Nigerian Economy needs a massive turnaround and has urged Nigerians to work towards it.

The black market commonly referred to as Aboki market rate for dollars is usually higher than the exchange rate at the banks which is usually regulated by the Central Bank of Nigeria (CBN). 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 rates normally would always be lower than what is obtainable in the black market.

Key Factors that Affect Foreign Exchange Rates

Here are factors we have identified that make naira or exchange rate fluctuate.

INFLATION RATES: inflation is known to have a direct impact on the black market 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 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 favorably to the Naira.

SPECULATION: most times naira to dollar exchange rates are influenced because of speculators. They hoard money in anticipating gain and this makes naira fall further.

TERMS OF TRADE: favorable terms of trade will lead to an increase in the value of Naira to dollar but unfortunately Nigeria is experiencing an imbalance in terms is trade. We import everything from China, India, and most Asian countries.

RECESSION: the recession is a stress on the economy. This scares investors and direct investment away from the economy. Nigeria experienced a recession in 2016 and the third recession in 2020 due to a fall in oil price and Covid-19 impact on the world economy.

What’s your opinion on Dollar to Naira Black Market Exchange Rate 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.

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