Newsone has obtained banks official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at ₦422.3919 per dollar on Thursday, September 1, 2022, after it closed at ₦420.4967 per $1 on Wednesday, August 31, 2022.
Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.
| 1 USD = 422.3919 NGN |
| 1 Dollars = 422.3919 Nigerian Naira |
| The USDNGN rate as of 1 Sep 2022 at 3:55 PM |
As the 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 the 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 the CBN dollar to naira rate 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.
What’s your take on the 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.
| Dollar to Naira (USD to NGN) | Black market dollar to naira |
| Buying Rate | 698 |
| Selling Rate | 702 |
Newsone Nigeria reports that in the black market, the players buy a dollar for N698 and sell for N702 on Thursday, September 1, 2022, after they bought N696 and sold for N698 on Wednesday, August 31, 2022. This means the exchange rate changed its position from the previous day.
Meanwhile, Newsone Nigeria reports that the USD started this week at ₦697 in Parallel Market also known as Black Market on Monday, 22 August 2022, in Lagos Nigeria, after it opened at ₦697 last week Monday, 15 August 2022.