Are you searching for the latest CBN exchange rate for the dollar to naira and dollar to naira black market exchange rates today, Thursday, April 13, 2023?
The exchange rate between the US dollar and Nigerian naira has been a constant source of concern for Nigerians and foreign investors alike
The dollars to nairas black market exchange rate is a crucial indicator of the economic growth of Nigeria’s economy.
Therefore, understanding the dynamics of the dollar-to-naira black market exchange rate is very crucial for anyone looking to navigate the financial landscape of Nigeria.
Here is the current dollar to naira rate today. See today’s CBN & Black Market Dollar to Naira Exchange rate today at aboki fx. You can change your USD to naira at these rate or Interbank dollar to naira rate and the latest black market rate or Parallel market dollar to naira rate.
Dollar to Naira Black Market Exchange rate Yesterday April 12, 2023
The US Dollar to Naira Black Market Exchange rate closed on April 12, 2023 at an average of N749/$1.
1 Dollar To Naira Black Market Exchange Rate Today April 13, 2023.
| how much is dollar to naira black market (USD to NGN rate) | USD to naira black market today |
| Buying Rate | ₦ 747 |
| Selling Rate | ₦ 752 |
Therefore, 1000 Naira to dollar conversion rate will give you N757,000.
How much is Euro to naira today in black market.
| Euro to naira today (€) | Euro to naira today black market exchange rate. |
| Buying | ₦ 798 |
| Selling | ₦ 800 |
How much is Pound to naira today in black market.
| Pound to naira today (£) | pound to naira today black market exchange rate. |
| Buying | ₦ 906 |
| Selling | ₦ 910 |
The Canadian Dollar to Naira black market exchange rate today is N688/1c$
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Rand to Naira
Today’s Rand to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Rand is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Rand to Naira (ZAR to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦35 |
| Selling Rate | ₦39 |
Dirham to Naira
Today’s Dirham to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Dirham is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Dirham to Naira (AED to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦158 |
| Selling Rate | ₦167 |
Yuan to Naira
Today’s Yuan to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Chinese Yuan is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Yuan to Naira (CNY to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦88 |
| Selling Rate | ₦91 |
Ghanaian Cedi to Naira
Today’s Ghanaian Cedis to Naira black market rate is the rate Aboki/Bureau De Change (BDC) are selling and buying. The Ghanaian Cedis is currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Cedi to Naira (GHS to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦68 |
| Selling Rate | ₦75 |
CAD to Naira Black Market
What is the current Black Market Dollar To Naira Exchange Rate Today or the parallel market? Well, it may interest you, how much is dollar to naira Black Market Exchange rate for today sometimes varies hugely from the rate in Central Bank of Nigeria website (www.cbn.gov.ng).
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The price listed above is the current USD to Naira exchange rate. We will always update the latest rate on a daily basis to keep you informed. Dollar to Naira Exchange Rate is the current exchange equivalent of the United States Dollar. Rate varies for various banks and parallel markets.
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How Much is 1 dollar to naira Official Exchange Rate Today
Parallel exchange rate (black market) exchange rate is always different from CBN rate. Currently, Naira is trading at average of 461 naira per dollar. The Nigerian Economy is drastically affected by the Dollar to Naira Black Market Exchange rate.
The following is Interbank dollar to naira rate
| 1 Dollar to Naira Today (USD to NGN rate) | Official dollar to naira rate |
| Buying Rate | 462 |
| Selling Rate | 465 |
- 1 Euro to naira today official rate is 486 per €1
- 1 Pounds to naira today official rate is N546 per 1£
Dollar to Naira Bank rate today.
Banks in Nigeria sell dollars between 545 to 569 to a dollar.
IMF sees Nigeria’s economic growth at 3.2% in 2023, advises CBN.
To control inflation, the International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to maintain its current monetary policy rates.
During the ongoing IMF/World Bank Spring meetings in Washington DC, the IMF stated this in its newly released World Economic Outlook report titled “A Rocky Recovery.”
The IMF maintained Nigeria’s growth forecast for 2023 at 3.2 percent, but expects it to fall to 3 percent in 2024, when the next administration takes office.
“For Nigeria, our forecast is one of the most stable for this year,” said IMF Division Chief, Research Department, Daniel Leigh. We have a slight increase, 3.3% in 2022, which is an upward revision, 3.2% in 2023, and 3% in 2024.
“So, this is an economy with very high inflation, which is why we have a forecast of around 20% for 2023.”
Regarding the CBN’s efforts to combat inflation, the IMF advised the CBN to keep raising interest rates as Nigeria’s inflation rate remains at one of its highest levels in history, reaching 21.91% in February 2023, despite the Central Bank’s Monetary Policy interest rate being raised from 16.5% to 18% in March 2023.
The IMF believes that raising interest rates further will help to reduce inflation.
“One of our main recommendations is to tighten monetary policy to ensure that this inflation returns to more target levels,” Leigh said.
Dollar To Naira Black Market Exchange Rate Today April 13, 2023
Dollar to Naira Quagmire.
For both Nigerians and foreign investors, the black market exchange rate between the US dollar and the Nigerian naira has been a constant source of worry.
Nigeria, which has a population of over 200 million people and an economy that is dependent on oil to maintain its economic stability. However, a number of factors, including inflation, a dearth of foreign investment, and a lack of foreign exchange reserves, have had an impact on the value of the naira.
As a result, many Nigerian citizens and companies are now forced to turn to the black market in order to obtain foreign currency. The difference between the official exchange rate and the actual value of the naira on the international market is frequently reflected in the black market exchange rate, which is determined by market forces.
The price of goods and services in Nigeria, business profitability, and the nation’s overall economic stability can all be significantly impacted by this rate. Therefore, anyone looking to operate in Nigeria’s financial sector must understand the dynamics of the dollar to naira black market exchange rate.
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Significant highlights of the dollar to naira black market exchange rate
One of the most significant aspects of the dollar to naira black market exchange rate is its impact on Nigerian purchasing power. Consumers may have to pay higher prices for basic necessities such as food, housing, and transportation as the cost of goods and services rises due to a weaker naira. This can put a strain on households, especially those with low or fixed incomes, and may spark social unrest.
Another critical point to emphasise is the impact of the black market exchange rate on Nigerian businesses. Companies that rely on imports or foreign investment may struggle to operate profitably in a high-risk environment. This can lead to slower economic growth, job losses, and, eventually, less investment in the country.
Furthermore, the black market exchange rate can have an impact on the Nigerian economy’s stability. If the spread between official and black market rates widens, it can undermine trust in the government and central bank’s ability to manage the currency. This can lead to a drop in foreign investment and capital flight, exacerbating the country’s economic problems.
To summarise, the black market dollar to naira exchange rate has significant implications for Nigerians, businesses, and the economy as a whole. Understanding the dynamics of this rate is critical for anyone attempting to navigate Nigeria’s financial landscape, and keeping a close eye on it is critical for making informed financial decisions.
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Facts influencing exchange rate.
The following are some of the factors that can influence exchange rate in Nigeria.
Political Stability: Any insecurity or uncertainty in a country’s political climate can have an impact on its currency. If there is political unrest or uncertainty in Nigeria, for example, the Naira may weaken.
Economic Performance: A country’s currency can be influenced by the strength of its economy, which includes factors such as inflation, interest rates, and economic growth. If the Nigerian economy performs well, the Naira will likely strengthen.
Foreign Investment: Foreign investment in a country can have an effect on its currency. If foreign investors have faith in the Nigerian economy, they may invest more, causing the Naira to strengthen.
International Trade: Nigeria’s international trade activities, such as the export and import of goods and services, can also have an impact on the country’s currency. A high volume of exports may increase demand for the Naira, thereby strengthening its value.
What’s your Opinion on Dollar to Naira Black Market today April 5, 2023, 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.
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Thanks for using our platform to learn about the latest CBN exchange rate dollar to naira, Black Market Exchange rate for today.
