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 that…you can buy or sell 1 dollar at ₦735 and the price can change (high or low) within hours.
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.
| Dollars to Nigerian-Naira | Nigerian-Naira to Dollars | ||
|---|---|---|---|
| 1 USD | 444.8933 NGN | 1 NGN | 0.0022 USD |
| 2 USD | 889.7866 NGN | 2 NGN | 0.0045 USD |
| 5 USD | 2224.4664 NGN | 5 NGN | 0.0112 USD |
| 10 USD | 4448.9328 NGN | 10 NGN | 0.0225 USD |
| 15 USD | 6673.3992 NGN | 15 NGN | 0.0337 USD |
| 20 USD | 8897.8656 NGN | 20 NGN | 0.045 USD |
| 25 USD | 11122.332 NGN | 25 NGN | 0.0562 USD |
| 50 USD | 22244.6639 NGN | 50 NGN | 0.1124 USD |
| 100 USD | 44489.3278 NGN | 100 NGN | 0.2248 USD |
| 500 USD | 222446.6391 NGN | 500 NGN | 1.1239 USD |
| 1000 USD | 444893.2782 NGN | 1000 NGN | 2.2477 USD |
| 2500 USD | 1112233.1956 NGN | 2500 NGN | 5.6193 USD |
| 5000 USD | 2224466.3912 NGN | 5000 NGN | 11.2387 USD |
| 10000 USD | 4448932.7823 NGN | 10000 NGN | 22.4773 USD |
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 Rate | 732 |
| Selling Rate | 735 |
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.
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.