Dollar To Naira Black Market Exchange Rate Today 23rd March 2023
The Dollar To Naira Black Market Exchange Rate Today for 23rd March 2023 has been highlighted here on Ejes Gist News Nigeria.
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.
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.
Dollar to Naira Black Market Exchange rate Yesterday 22nd February 2023
The US Dollar to Naira Black Market Exchange rate closed on Wednesday 22nd, February 2023 at an average of N745/$1.
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This is according to information obtained by Ejes Gist News Nigeria from black market traders and Aboki dollar to Naira exchange Operators.
1 Dollar To Naira Black Market Exchange Rate Today 23rd March 2023.
|how much is dollar to naira black market (USD to NGN)||USD to naira black market today|
|Buying Rate||₦ 745|
|Selling Rate||₦ 750|
Therefore, 1000 naira to dollar will give you N748,000.
How much is Euro to naira today in black market.
|Euro to naira today (€)||Euro to naira today black market exchange rate.|
How much is Pound to naira today in black market.
|Pound to naira today (£)||pound to naira today black market exchange rate.|
The Canadian Dollar to Naira black market exchange rate today is N688/1c$
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 452 Naira Per Dollar. The Nigerian Economy is drastically affected by the Dollar to Naira Black Market Exchange rate.
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|1 Dollar to Naira Today (USD to NGN)||Official Dollar to Naira Exchange Rate Today|
- 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.
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…
-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.
Black Market Dollar To Naira Exchange Rate Today
Nigerians may lose jobs, revenue to CBN’s 18% MPR.
The Central Bank of Nigeria (CBN) raised the Monetary Policy Rate from 17.5 to 18 percent on Wednesday, surprising many.
Since April 2022, the central bank has raised the MPR, a lending rate benchmark. From 11.50% to 18%.
The CBN’s Monetary Policy Committee (MPC), which sets the rate, is fighting inflation, which is now 21.91 percent, up from 17.35 percent when it started tightening.
On Wednesday, the MPC doubled down, with CBN Governor Godwin Emefiele stating that relaxing the interest rate would erode the gains he believes the apex bank has achieved despite no signs of CBN reining in inflation.
Despite headwinds, other macroeconomics were improving, according to the MPC.
Black Market Dollar To Naira Exchange Rate Today.
“The committee debated at this meeting whether to continue its rate hike to further dampen the rising inflation trajectory or hold to observe emerging development and allow the impact of the last five rate hikes to permeate the economy. “Loosening in the view of the members (MPC) will gravely undermine the gains so far,” Emefiele said.
In the face of a financial crisis after two US banks, Silicon Valley Bank and Signature Bank, went bankrupt due to MPR hikes, analysts worldwide expect central banks to slow down their MPR hikes.
After Silicon Valley Bank and Signature Bank collapsed, there were fears of global financial contagion and a halt to lending rate hikes, but Nigeria’s central bank said further hikes would not cause Nigerian banks to fail.
Emefiele added: “MPC examined the possible impact of further policy rate hikes on the stability of the banking system and was convinced that further rate hikes would not adversely impact the stability of the banking system.
“The committee called on the bank’s management to strengthen its regulatory oversight on the banking system to ensure the banking industry remains stable and resilient.”
The CBN thinks the 50-point walk won’t hurt banks, but Ripples Nigeria knows it will hurt Nigerians.
As banks lend at 18% and above to new borrowers, MPR will raise credit costs. Existing debtors’ interest rates will rise as well.
Thus, Nigerian consumers will pay for credit through higher prices.
As a result, the cost of living will rise and households’ purchasing power will decrease, hurting company sales as customers can’t afford their products.
Companies will cut production or lay off workers to save money, which the interest rate will take. This will reduce firm tax payments and GDP contribution (GDP).
“MPR at 18% means the cost of capital in the debt capital markets will keep rising & the end consumers will bear the rising cost of production, which on its own, is a contributor to demand pull inflation,” said Dairy Hills CEO and business analyst Kelvin Emmanuel.
Emmanuel added: “One of the lessons from SVB should be how rising interest rates by FOMC contributed to blow up of mortgage backed & treasuries held.
“The monetary policy Committee needs to assess the impact of aligning interest to inflation yield curve might actually contribute to non-performing loan book (when looked at on a weighted average basis) can actually rise from the current 4.8% above the 5.6% recommended by FSS,” he tweeted.
Economist Kalu Aja said, “When banks borrow and lend, they benchmark based on the MPR. If the CBN sets MPR at 18%, all commercial banks will lend 18% PLUS.”
“Look at the MPR is the rate banks can borrow from the CBN,” Aja said. Bank loan rates will rise if MPR rises. Bad for the economy, kills jobs.”
Dollar To Naira Black Market Exchange Rate Today.
What’s your Opinion on Dollar to Naira Black Market today Thursday23rd March 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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