Naira

Dollar To Naira Exchange Rate For Today 2nd March 2023

Published

1 year ago

March 2, 2023

You can access the Dollar to Naira exchange rate for today, 2nd March on Investors King.

This online business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

Note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦755 and ₦760, and the price can change (high or low) within hours.

How Much Is Black Market Dollar To Naira Exchange Rate Today?

Dollar to naira exchange rate today black market (Aboki dollar rate):

Investors King understands that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N755 and sell at N760 as of the time of filing this report.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	755
Selling Rate	760

The local currency opened at N755.00 per $1 at the parallel market otherwise known as the black market today Thursday, 2nd March 2023, in Lagos Nigeria, after it closed at N765 per $1 on Wednesday, 1 March 2023.

Even though the dollar to naira opened in the parallel market at N760 per $1 today, Investors King reports that the Central Bank of Nigeria (CBN) does not recognize the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Investors King reports that in the black market, the players buy a dollar for N755 and sell for N760 on Thursday morning, March 2, 2023, after they purchased N755 and sold for N760 on Wednesday, 1 March 2023.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, 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 tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries, News About Nigeria reported.

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Naira

CBN Sells Fresh Dollar to BDCs at N1,021/$

Published

13 hours ago

April 23, 2024

Samed Olukoya

The Central Bank of Nigeria (CBN) has once again initiated direct sales of dollars to licensed Bureau De Change (BDC) operators across the country.

The latest circular from the apex bank announces the sale of $10,000 to each BDC at a rate of N1,021 per dollar.

This is the second round of such sales this month and the fourth in the current year.

The directive mandates BDCs to sell the allocated dollars to eligible end-users at a spread not exceeding 1.5 percent above the purchase price, translating to a maximum selling price of N1,036.15 per dollar.

Addressing concerns about adherence to guidelines, the CBN said it is important for BDC operators to work within the prescribed framework.

The intervention targets retail-end transactions, including travel allowances, tuition fees, and medical payments, among others.

BDCs are instructed to commence payment of the Naira deposit to designated CBN accounts and submit necessary documentation for FX disbursement at respective CBN branches.

This latest initiative follows previous interventions by the CBN, including the sale of $10,000 to BDCs earlier this month at N1,101 per dollar. Such measures aim to shore up the Naira’s value and ensure stability in the forex market amid economic uncertainties.

The CBN’s sustained efforts to provide adequate forex liquidity underscore its commitment to safeguarding the country’s currency and facilitating seamless foreign exchange transactions for businesses and individuals alike.

Naira

Dollar to Naira Black Market Today, April 23rd, 2024

Published

20 hours ago

April 23, 2024

Samed Olukoya

As of April 23rd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,250 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,290 and sell it at N1,280 on Monday, April 22nd, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate improved when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,250
Selling Rate: N1,240

Naira

Dollar to Naira Black Market Today, April 22nd, 2024

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

April 22, 2024

Samed Olukoya

As of April 22nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,290 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,100 and sell it at N1,090 on Friday, April 19th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.