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 9, 2023
The US Dollar to Naira Black Market Exchange rate closed on April 9, 2023 at an average of N744/$1.
1 Dollar To Naira Black Market Exchange Rate Today April 10, 2023.
|how much is dollar to naira black market (USD to NGN rate)
|USD to naira black market today
Therefore, 1000 Naira to dollar conversion rate will give you N745,000.
How much is Euro to naira today in black market.
|Euro to naira today (€)
|Euro to naira today black market exchange rate.
How much is Pound to naira today in black market.
|Pound to naira today (£)
|pound to naira today black market exchange rate.
The Canadian Dollar to Naira black market exchange rate today is N688/1c$
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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
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
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
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
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).
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
- 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.
Oil marketers seek access to N250bn gas intervention fund ahead of subsidy removal
PPPRA says it expects NNPC to declare over recovery for fuel imports.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has requested access to the N250 billion intervention fund for the National Gas Expansion Programme in a letter to the Federal Government.
In a letter dated April 3, 2023, IPMAN urged the government to urge the Central Bank of Nigeria (CBN) to release the N250 billion for vehicle owner loans.
The oil marketers stated that the N250 billion can be used by car, tricycle, and truck owners to convert to gasoline in light of the anticipated increase in Premium Motor Spirit (PMS) prices following the proposed removal of the subsidy.
There have been calls for President Muhammadu Buhari’s administration to eliminate subsidies by the end of June 2023.
The removal of the subsidy is expected to significantly increase the price of PMS, also known as petrol, above the current pump price of N189 per litre.
In addition to requesting a N250 billion intervention fund to help mitigate the impact of removing the subsidy, the IPMAN has partnered with Gas Analytics & Solutions Ltd to locate natural gas dispensers at more than 30,000 filling stations in Nigeria.
“We are writing to request an audience with you in order to present a palliative solution for the removal of the unsustainable petrol subsidy.
“Our partners, Gas Analytics & Solutions Ltd, have a contract with the independent Petroleum Marketers Association of Nigeria to co-locate natural gas dispensers on our network of over 30,000 gas stations in Nigeria.
In a letter signed by its National President, Chinedu Okonkwo, IPMAN stated, “This collaboration with IPMAN presents the most economical and expedient platform to deploy the necessary infrastructure to support a rapid national rollout of CNG (Compressed Natural Gas) for vehicles.”
A portion of the statement also states, “What remains is for the Central Bank of Nigeria to provide access to the Gas Expansion Fund so that owners of vehicles, Keke, and trucks can obtain loans to finance the purchase of natural gas conversion kits.”
The conversion from diesel to petrol will increase demand, allowing oil marketers to install more CNG filling stations.
IPMAN stated, “Without a large pool of CNG customers, IPMAN will be unable to raise the necessary funds to establish CNG filling stations.
“We believe that, with the support of the Ministry of Finance, IPMAN’s partnership with Gas Analytics will provide a platform that, within a few months, will significantly reduce the need for foreign exchange to import petrol.
“We request an audience to further discuss and present our proposal on this matter. We anticipate hearing from you shortly. We appreciate your time and consideration.
Dollar To Naira Black Market Exchange Rate Today April 10, 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 heavily dependent on oil, depends on its currency 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.
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.
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.
Thanks for using our platform to learn about the latest CBN exchange rate dollar to naira, Black Market Exchange rate for today.