Newsone reports that many Nigerians prefer to exchange foreign currency, particularly dollars to Naira, at the parallel market better known as the black market since the conversion rate is much higher than what Nigerian bank exchanges.
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 Black Market Rate Today, 3rd July 2022
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 606 |
| Selling Rate | 610 |
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar to naira exchange rate today in Nigeria.
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.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Conditions of Trade: Favorable trade terms will lead to an increase in 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.
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.
How much is Dollar to Naira official exchange rate today, 3rd July 2022?
| 1 USD = 415.26 NGN |
| 1 Dollars = 415.26 Nigerian Naira |
| The USDNGN rate as of 3 Jul 2022 at 1:58 PM |
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, cbn.gov.ng.
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 available on the black/parallel market.
| Saturday 2 July 2022 | 1 USD = 415.26 NGN | |
| Friday 1 July 2022 | 1 USD = 415.26 NGN | |
| Thursday 30 June 2022 | 1 USD = 415.1132 NGN | |
| Wednesday 29 June 2022 | 1 USD = 414.9273 NGN | |
| Tuesday 28 June 2022 | 1 USD = 415.0069 NGN | |
| Monday 27 June 2022 | 1 USD = 417.8423 NGN | |
| Sunday 26 June 2022 | 1 USD = 417.8477 NGN |
CBN does not recognize the parallel market (black market) – CBN Governor Godwin Emefiele
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) is always different from the CBN rate. The exchange rate between the US dollar 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 only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” Emefiele said.
“I am sorry to say that I do not, and I do not intend to recognise any fx in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. “If you want to sell the dollar, go to your bank and sell it,” the CBN Governor said in September 2021.