Dollar to Naira Black Market today 7th February 2023 Exchange Rate.
Here is the current USD to naira rate today. See today’s CBN & Black Market Dollar to Naira Exchange rate today at aboki fx and the black market. You can change your USD to naira at these rate or convert dollar to naira at the latest black market rate or parallel market.
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So many Nigerians prefer to exchange their foreign currencies especially the US Dollars to naira using the black market because the exchange rate is very high compared to what the bank offers. If you want to know the current black market rate, here is the page to find that.
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Aboki fx Black Market Dollar To Naira Exchange Rate Today has also been added here so you can easily verify each of the rate for the currencies you want to exchange in the parallel markets. Aboki fx is the most trusted source for Black Market Dollar To Naira Exchange Rate Today. You can find their exchange rate for today here.
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Dollar to Naira Black Market Exchange rate Yesterday 6th February 2023
The US Dollar to Naira Black Market Exchange rate closed on Saturday 6th, February 2023 at an average of N749/$1.
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This is according to information obtained by Ejes Gist Dollar from black market traders and Aboki dollar to Naira exchange Operators.
Dollar to Naira Black Market today 7th February 2023
| Dollar to Naira today black market (USD to NGN) | USD to naira black market today |
| Buying Rate | 744 |
| Selling Rate | 750 |
What is the current Black Market Dollar To Naira Exchange Rate Today or the parallel market? Well, it may interest you to know that 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.
How Much is 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 452 Naira Per Dollar. The Nigerian Economy is drastically affected by the Dollar to Naira Black Market Exchange rate.
| Dollar to Naira (USD to NGN) | Official Dollar to Naira Exchange Rate Today |
| Buying Rate | 449 |
| Selling Rate | 452 |
Dollar to Naira Bank rate today.
Banks in Nigeria sell dollars between 545 to 570 to a dollar.
As Naira is falling, inflation takes over the economy which usually affects the citizens. Central Bank Governor, Godwin Emefiele has said that the Nigerian Economy needs a massive turnaround and has urged Nigerians to work towards it.
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The black market commonly referred to as Aboki market rate for dollars is usually higher than the exchange rate at the banks which is usually regulated by the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate you can buy or sell dollars for naira listed on CBN website cbn.gov.ng. while dollar to naira black market rate are from aboki fx exchangers.
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However, USD to Naira bank rate is the rate you use when purchasing something from foreign websites using your Naira Mastercard or Debit card from Nigerian Banks. These rate normally would always be lower than what is obtainable in the black market.
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Interesting things you didn’t know about the U.S. dollar
You know that our money is the United States dollar. Did you know…
-There are three parts to a dollar: the penny, the nickel, and the dime. There are 100 cents in a dollar.
-The first dollar was made in 1792. It was used in the colonies instead of the Spanish dollar, which was used before.
-The dollar is the currency that is traded the most around the world.
-The dollar is also the currency that is most often faked around the world.
The US Dollar: A Brief History
Did you know that the history of the US dollar is pretty interesting? It was made when the Coinage Act was passed by the US government in 1792. This law made the US dollar the official currency of the country.
Since then, there have been a few changes to the dollar. For example, in 1854, the US stopped using Spanish coins and started using American ones. And in 1933, President Franklin D. Roosevelt took the US off the gold standard. This meant that the dollar could no longer be traded for gold.
The US dollar is one of the most popular currencies in the world right now. Over 60% of all transactions between countries take place in US dollars. So the next time you spend your vacation dollars in a foreign country, you can be sure that you are using a currency that has been around for a while!
Who Maintains the Production of US Currency?
The United States Mint is responsible for producing US dollar paper currency. It is a government agency that falls under the Treasury Department. They are responsible for producing both paper currency and coins.
Interestingly, each bill and coin’s design is determined by the president. The Mint then creates a prototype and submits it for approval to the Treasury. It is then put into production. Therefore, each bill and coin in circulation has been authorised by the president, which is why they often bear his or her image.
What are the Facts Influencing the Dollar to Naira Black Market Exchange rate for today ?
Here are some of the reasons for the dollar-to-naira exchange rate’s decline.
Inflation Rates: It is common knowledge that inflation has a direct impact on black market exchange rates. The naira will benefit if the Nigerian economy can be stabilised and inflation is brought under control; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive on a daily basis.
Interest Rates: Interest rates are another tool to keep an eye on. If the interest rate at which banks lend money rises, the economy will contract, and the value of the naira will fall as a result.
Government debt has the potential to affect investor confidence and, as a result, the flow of funds into the economy. If inflows are high, the naira exchange rate will rise in its favour.
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Speculators: Speculators have a significant impact on the Dollar to Naira Black Market Exchange rate for today . They hoard money in anticipation of a profit, causing the naira to fall even further.
Trade Conditions: Although Nigeria is currently running a trade deficit, favourable trade terms will lead to an increase in the value of the Nigerian currency to the dollar. China, India, and the majority of Asian countries supply everything.
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What’s your Opinion on Dollar to Naira Black Market today Tuesday 7th February 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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Oil marketers reveal NNPC behind fuel scarcity
Meanwhile, Debo Ahmed, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), stated that the Nigerian National Petroleum Corporation (NNPC) has failed to meet payment demands for Premium Motor Spirit (PMS).
According to a report published by The Nation on Monday, IPMAN stated that NNPC does not have PMS, also known as gasoline, to supply oil marketers. As a result, the country is experiencing a shortage of fuel.
According to Ahmed, NNPC has received cash payments from IPMAN members for loading tickets, but NNPC is unable to supply oil marketers with the requested products.
He absolved oil marketers of responsibility for the fuel shortage while revealing the distribution method: “NNPCL, as the sole importer of PMS to the country, provides the products to marketers – MOMAN, DAPPMAN, and IPMAN – for resale at a regulated price to the general public.
MOMAN’s allocation is given on credit to their depots and stations for resale to the general public.
Black Market Dollar To Naira Exchange Rate Today
“DAPPMAN also purchases from NNPCL to their depots, sells to the public through their filling stations, and sells to IPMAN members at a price set by the government.”
Ahmed also stated that the lack of fuel at NNPC’s depots, 21 of which are defunct, has forced oil marketers to rely on private depots that have refused to sell at a government-approved price, hence the increase in fuel prices.
He revealed that, among the oil marketers in Nigeria, IPMAN is the most vulnerable because they must pay in cash before receiving the product.
“In this distribution of PMS value chain, IPMAN is the weakest link among the marketers because they buy with cash, which often takes longer days to receive the products, and they are directed to private depots to receive their products based on the whims of private depot owners.
“IPMAN urges NNPC to flood the market with more fuel to avert a fuel shortage as the only immediate measure, and to reactivate the refineries and depots as a long-term measure to stop importation and restart local refining in order to reduce price tensions in the upcoming subsidy removal.”
Thanks for using our platform to learn about the latest Dollar to Naira Black Market Exchange rate for today Tuesday.
