Naira

Dollar to Naira Today Monday, 22 August 2022

The dollar to Naira exchange rate deteriorated with Nigeria’s persistent forex scarcity and rising demand for the United States Dollar.

Published

2 years ago

August 22, 2022

Samed Olukoya

Naira Dollar Exchange Rate - Investors King

Dollar to naira today – Naira to Dollar exchange rate at the unregulated black market stood at N673 in Ibadan, Oyo states on Monday, according to forex operators in the state.

The local currency declined from about N580 it exchanged to the United States Dollar in the early part of the year to N750 about a month ago before moderating to N673.

Dollar to Naira Today Black Market

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	655
Selling Rate	673

The dollar to Naira exchange rate deteriorated with Nigeria’s persistent forex scarcity and rising demand for the United States Dollar.

Expert at Agusto Consulting, Mr. Jimi Ogbobine, explained that Nigeria’s exchange scarcity issue is a result of supply challenges in the forex market.

He said “The recent jump we are seeing is basically a result of a supply crisis in the forex market. The foundation of all of these is demand versus supply and when demand outweighs supply you will see this kind of currency depreciation.”

“If the central bank was able to meet forex demand, then we will not see this kind of price distortion. On one end, Nigeria is not able to meet forex supply and on the other end we are trying to restrict and constrict demand which means that quite a number of legitimate requests for forex are now being diverted to the parallel market.

“So, while the official market seems relatively calm, the reality of the supply shortage is playing out in the parallel market where more legitimate request for forex is being diverted to because the official market is not able to demand.”

Dollar to Naira Today Official Market

The decline in the value of the Nigerian Naira extended to the Investors and Exporters (I&E) forex window. The Nigerian Naira traded at N429.05 to a United States Dollar on Friday, down from N428 it opened.

On Friday, currency traders at the I&E window transacted $50.22 forex value on Friday.

Last year, the central bank adopted the I&E exchange rate as Nigeria’s official foreign exchange rate in an effort to close the gap between the nation’s exchange rates in accordance with its long-term vision of having a single forex rate like other nations.

Dollar to Naira Today CBN Rates

As of Friday, the CBN bought the U.S. Dollar at N420.4, down from the N418.89 it purchased it week ago and sold the American currency at a difference of N1 for N421.4 per U.S. Dollar.

However, the Pounds Sterling improved from N508.7419 a unit exchange a week ago to N497.3752 and sold at N498.5583 as of the bank’s latest update. The Euro common currency, Swiss Franc and Yen were exchanged as shown below.

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
8/22/2022	SWISS FRANC	441.5833	442.1097	442.6361
8/22/2022	YEN	3.1219	3.1256	3.1294
8/19/2022	US DOLLAR	420.4	420.9	421.4
8/19/2022	POUNDS STERLING	497.3752	497.9668	498.5583
8/19/2022	EURO	422.7542	423.257	423.7598

Up Next

Naira Exchanges at N705/US$ at the Black Market

Don't Miss

Dollar to Naira Today Monday, 15 August 2022

Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Comments

Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

11 hours ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

21 hours ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 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 N1,310 and sell it at N1,300 on Monday, April 29th, 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.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,350
Selling Rate: N1,340

Naira

Dollar to Naira Black Market Today, April 30th, 2024

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

3 days ago

April 30, 2024

Samed Olukoya

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

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.