Dollar to Naira Black Market Exchange rate today 19th January 2023 – Here is the current USD to naira rate today. See today’s CBN & Dollar to Naira Exchange rate 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 dollar to naira exchange rate 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 rate today. You can find their exchange rate for today here.
Dollar to Naira Black Market Exchange rate Yesterday 18th January 2023
The exchange rate between the naira and the US dollar closed at an average of N734/$1 on Wednesday 18th January 2023 at the black market, representing a 0.00% appreciation when compared to previous day trading of N737/$
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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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Dollar to Naira Black Market today 19th January 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 737 |
| Selling Rate | 740 |
What is the current dollar to naira exchange rate in parallel market? Well, it may interest you to know that Dollar to Naira rate in the black market 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 573 Naira Per Dollar. The Nigerian Economy is drastically affected by the Dollar to Naira exchange rate.
| Dollar to Naira (USD to NGN) | Official Dollar to Naira Exchange Rate Today |
| Buying Rate | 457 |
| Selling Rate | 461 |
Dollar to Naira Bank rate today.
Banks in Nigeria sell dollars between 540 to 545 to a dollar.
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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 dollar to naira website cbn.gov.ng.
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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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CBN official affirms new Naira notes will promote financial inclusion, check corruption
On Wednesday, the Central Bank of Nigeria (CBN) stated that the newly redesigned Naira notes would promote financial inclusion and reduce corruption in the country.
Giwa Ademola, the CBN’s Acting Branch Controller in Ondo State, stated this during a sensitization campaign on the new notes at the Oja Oba Market in Akure, Ondo State, that the new notes would also help to control inflation.
He urged Nigerians, however, to deposit their old N100, N200, N500, and N1000 notes with banks before the January 31 deadline for withdrawal.
“The benefits of the currency redesign to the Nigerian economy are enormous, given that this policy will help to control inflation,” Ademola said. The exercise will also bring hoarded currency into the banking system, improving the effectiveness of monetary policy.
“It will also help with better design and implementation of monetary policy as we will have much more accurate data on money supply and monetary aggregates.
“Statistics revealed that N2.72 trillion out of the $3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country, and supposedly held by members of the public. According to this statistic, 84.71 percent of currency notes in circulation are outside commercial bank vaults, with only 15.29 percent in CBN and commercial bank vaults.
“We believe that this exercise will contribute to greater financial inclusion, a more cashless economy, and greater formalisation of the Nigerian economy.”
What are the Facts Influencing Foreign Exchange Rate of dollars to Naira
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.
Naira to dollar Gains Massively at Black Market Exchange Window
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.
Speculators: Speculators have a significant impact on the naira-to-dollar exchange rate. 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 Thursday 19th January 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.
