Connect with us

News

Black Market Dollar To Naira Exchange Rate Today, Wednesday 12th April 2023

Published

1 year ago

on

Aboki Dollar to Naira Today Black Market 1 April 2024

Black market dollar to naira exchange rate today, Wednesday 12th April 2023, can be accessed below.

How much is the Dollar to Naira Exchange rate at the black market and aboki fx today? See today’s USD to Naira exchange rate. You convert your USD to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate.

Nigerians prefer to exchange foreign currency, particularly the USD to Naira, on the black market since the conversion rate is much higher than what the bank offers.

On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate.

How Much is Dollar to Naira and the Official Exchange Rate Today?

Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy.

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website.

Below you can see the chart for the Nigerian Naira rate today compared to the Dollar.

1 USD = 459.9212 NGN
1 Dollars = 459.9212 Nigerian Naira
The USDNGN rate as of 12 Apr 2023 at 2:28 PM

The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate₦ 739
Selling Rate₦ 742

Factors Influencing Foreign Exchange Rates:

Here are some 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.

Disclaimer: Newsone Nigeria does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may differ from what is captured in this article.

Facebook Comments
Related Topics:

Philips Sunday is a Journalist and SEO Expert with a demonstrated history of working in the media production industry. He has degrees in Mass Communication/Media Studies.Connect with him on Facebook, Instagram and LinkedIn.