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Dollar to Naira Exchange rate today

Dollar To Naira Exchange Rate (USD/NGN) Rate For Today 7th December 2022

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Black Market Dollar To Naira Exchange Rate Today 14th March 2023

News One Nigeria 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.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means thatyou can buy or sell 1 dollar at ₦735 and the price can change (high or low) within hours.

How Much Is Dollar To Naira Exchange Rate Today 7 December 2022 Official Rate?

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 N444.89337 per dollar on Wednesday, 7 December 2022, after it closed at N444.0294 per dollar on Tuesday, 6 December 2022. This represents a change of 0.8%.

Below are verified dollar to naira exchange rates obtained by Newsone Nigeria for our readers

Q: What is the Dollar worth against the Nigerian Naira?

A: One Dollar is worth 444.8933 Nigerian Naira today

Q: Is the Dollar going up or down against the Nigerian Naira?

A: Today’s exchange rate (444.8933) is higher compared to yesterday’s rate (444.0294).

Q: What is 50 Dollars in Nigerian Naira?

A: 50 Dollars buys 22244.665 Nigerian Naira at interbank exchange rates.

Handy Conversion Data Table

Dollars to Nigerian-NairaNigerian-Naira to Dollars
1 USD444.8933 NGN1 NGN0.0022 USD
2 USD889.7866 NGN2 NGN0.0045 USD
5 USD2224.4664 NGN5 NGN0.0112 USD
10 USD4448.9328 NGN10 NGN0.0225 USD
15 USD6673.3992 NGN15 NGN0.0337 USD
20 USD8897.8656 NGN20 NGN0.045 USD
25 USD11122.332 NGN25 NGN0.0562 USD
50 USD22244.6639 NGN50 NGN0.1124 USD
100 USD44489.3278 NGN100 NGN0.2248 USD
500 USD222446.6391 NGN500 NGN1.1239 USD
1000 USD444893.2782 NGN1000 NGN2.2477 USD
2500 USD1112233.1956 NGN2500 NGN5.6193 USD
5000 USD2224466.3912 NGN5000 NGN11.2387 USD
10000 USD4448932.7823 NGN10000 NGN22.4773 USD

Black Market Dollar To Naira Exchange Rate Today 7th December 2022

According to the Aboki dollar rate in Nigeria today, the local currency opened at N735.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 7 December 2022, in Lagos Nigeria, after it closed at N735.00 per $1 on Tuesday, 6 December 2022. This represents a change of N0 from the previous day.

Newsone reports that the data published on the aboki rate, which is known as the “official black market rate“, showed that at the black market, the players buy a dollar for N732 and sell for N735 on Wednesday, 7 December 2022.

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate732
Selling Rate735

Even though the dollar to naira opened in the parallel market at ₦735 per $1 today, News One reports that the Central Bank of Nigeria (CBN) does not recognise 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.

Meanwhile, News One Nigeria reports that the USD started this week at ₦740 in Parallel Market also known as Black Market on Monday, December 5, 2022, in Lagos Nigeria, after it opened at  ₦775 last week Monday, November 28, 2022.

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.

Disclaimer: NEWS ONE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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