Dollar To Naira Black Market Exchange Rate Today 25 Mar 2023
The Dollar To Naira Black Market Exchange Rate Today for 25th 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.
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 24th February 2023
The US Dollar to Naira Black Market Exchange rate closed on Friday 24th, February 2023 at an average of N740/$1.
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This is according to information obtained by Ejes Gist News Nigeria from black market traders and Aboki dollar to Naira exchange Operators.
1 Dollar To Naira Black Market Exchange Rate Today 25th March 2023.
|how much is dollar to naira black market (USD to NGN)||USD to naira black market today|
|Buying Rate||₦ 742|
|Selling Rate||₦ 745|
Therefore, 1000 naira to dollar will give you N749,000.
How much is Euro to naira today in black market.
|Euro to naira today (€)||Euro to naira today black market exchange rate.|
How much is Pound to naira today in black market.
|Pound to naira today (£)||pound to naira today black market exchange rate.|
The Canadian Dollar to Naira black market exchange rate today is N688/1c$
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
FAAC Shares N722.7bn February Revenue To FG, States, LGs.
The Federation Account Allocation Committee (FAAC) has allocated a total of N722,677 billion in Federation Account Revenue for February 2023 to the Federal Government, States, and Local Government Councils.
This was stated in a communiqué issued following the March 2023 meeting of the Federation Account Allocation Committee (FAAC).
The N722.677 billion in total distributable revenue was comprised of N366,800 billion in distributable statutory revenue, N224,232 billion in distributable Value Added Tax (VAT) revenue, N11,645 billion in Electronic Money Transfer Levy(EMTL), and N120,000 billion in Forex Equalisation Account Augmentation.
Black Market Dollar To Naira Exchange Rate Today.
In February 2023, the total cost of collection deductions was N27.449 billion, while total deductions for transfers, savings, recoveries, and refunds were N109.909 billion.
The Excess Crude Account (ECA) had a balance of $473,754.57.
The communiqué confirmed that the Federal Government received N269.063 billion, State Governments received N236.464 billion, and Local Government Councils received N173.936 billion from the total distributable revenue of N722.677 billion. The relevant States received a total of N43,214 billion as 13% derivation revenue.
For the month of February in 2023, gross statutory revenue was N487.106 billion. This was N166.598 billion less than the N653.704 billion received the previous month.
The Federal Government received N178.683 billion, the State Governments received N90.630 billion, and the Local Government Councils received N69.873 billion from the distributable statutory revenue of N366.800 billion. The sum of N27,614 billion was distributed as 13% of derivation revenue to the relevant States.
For the month of February 2023, the Value-Added-Tax (VAT) generated N240.799 billion in gross revenue. This was N9.210 billion less than the N250.009 billion available during January 2023.
The Federal Government received N33,635, the State Governments received N112,116, and the Local Government Councils received N78,481 billion from the N224,232 billion in VAT revenue that was distributable.
The N11.645 billion Electronic Money Transfer Levy (EMTL) was allocated as follows: N1.747 billion to the Federal Government, N5.822 billion to the State Governments, and N4.076 billion to the Local Government Councils.
The Federal Government received N54.998 billion, State Governments received N27.896 billion, Local Government Councils received N21.506 billion, and a total of N15.600 billion was distributed to the relevant States as 13% of mineral revenue.
According to the communiqué, the Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, and Import and Excise Duties all decreased significantly in February 2023, while Value-Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) decreased slightly.
Bawa S. Mokwa Director (Press and Public Relations)
Dollar To Naira Black Market Exchange Rate Today.
What’s your Opinion on Dollar to Naira Black Market today Saturday 25th 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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