Dollar To Naira Black Market Exchange Rate Today 23rd February 2023

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Dollar to Naira black market exchange rate today
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See Dollar to Naira Black Market today 23rd February 2023 Exchange Rate

Here is the current USD to naira rate today. See ’s &   Dollar to Naira Exchange rate today at aboki fx and the black market. You can change your at these rate or convert to naira at the latest black market rate or .

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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 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 Exchange Rate Today. You can find their exchange rate for today here.

 

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Dollar to Naira Black Market Exchange rate Yesterday 22nd February 2023

The US closed on Tuesday 22nd, February 2023 at an average of N745/$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.

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today 23rd February 2023

() today 
Buying Rate 750
Selling Rate 755

 

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 for today  sometimes varies hugely from the rate in Central Bank of Nigeria website (www.cbn.gov.ng).

Dollar to Naira Black Market Exchange rate

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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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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.

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Dollar to Naira (USD to NGN) Today
Buying Rate 443
Selling Rate 450

 

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Banks in Nigeria sell dollars between 545 to 570 to a dollar.

Black Market Dollar To Naira Exchange Rate Today 
Graphic of Dollars and Nairas

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.

Interesting things you didn’t know about the U.S. dollar

You know that our money is the United States dollar. Did you know…

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-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.

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-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.

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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.

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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 . 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 Thursday23rd  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.

 

External reserves drop by $1.25bn as Nigerians dump Naira for Dollar amid scarcity

 

Since the Central Bank of Nigeria (CBN) announced its plan to redesign Naira notes, Nigeria’s external reserves have dropped by –1.97% as Nigerians dump their currency for Dollars.

On October 26, 2023, the central bank informed Nigerians that the N200, N500, and N1,000 notes would be redesigned to collect the N2.7 trillion cash that the Deposit Money Banks (DMBs) cannot account for.

CBN reported that over N3.3 trillion cash was in circulation, but N2.7 trillion of it was outside bank vaults. To mop up the currencies, the financial regulator suggested redesigning the Naira notes.

Black Market Dollar To Naira Exchange Rate Today

 

Ejes Gist News learned from CBN figures that the external reserves dropped by $741.57 million from $37.52 billion to $36.77 billion from the time CBN announced the Naira note redesign to February 16, 2023.

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Foreign reserves fell by 3.28 percent or $1.25 billion between October and January, from $38.25 billion in September 2022 to $36.99 billion on January 31, 2023.

Nigerians dumping Naira for Dollars?

The central bank says criminals hoard some of the cash in circulation.

Godwin Emefiele, CBN governor, said the Naira redesign policy was forcing hoarders to bring out their notes.

Cash in circulation dropped to N1.39 trillion in January 2023 from N3.3 trillion in October 2022.

However, as Naira hoarders release local currencies, they are hoarding USD to replace banknotes.

Due to the Naira redesign policy’s Naira note shortage, Fitch warned that Nigerians may demand foreign currencies.

“Associated cash shortages may hit consumer spending and boost demand for foreign currency, aggravating foreign-exchange shortages,” Fitch wrote in ‘Nigeria’s Economic Challenges Highlight Importance of Post-Election Policies’.

Based on rising official and black market exchange rates, Dollar demand pressure has increased.

Since the central bank announced the Naira redesign plan, the official market exchange rate between the Dollar and the Naira has appreciated by 4.48 percent, trading at N461.50 kobo/$1 on Monday, February 21, 2023, from N441.67/$1 on October 26, 2022.

The parallel market exchange rate rose to N775/$1 on Monday from N752/$1 due to demand for Dollars in the black market, which weakened the Naira by 3.05 percent.

Black Market Dollar To Naira Exchange Rate Today

The Naira redesign policy has hurt the local currency, contrary to Emefiele’s claims.

Many legal and illegal business owners have obtained and hidden Dollars on the black market and official market.

CBN stated that the hoarding of the Dollar was affecting external reserves because traders buy USD from the official market for international transactions but don’t repatriate it afterward.

 

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Thanks for using our platform to learn about the latest Dollar to Naira Black Market Exchange rate for today Wednesday.

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