Dollar To Naira Black Market today 1st February 2023, USD to Naira
Black Market Exchange Rate of Naira to dollar
Dollar to Naira Black Market today 1st February 2023 Exchange Rate.
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 31st January 2023
The exchange rate between the naira and the US dollar closed at an average of N756/$1 on Tuesday 31st January 2023 at the black market.
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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.
Dollar to Naira Black Market today 1st February 2023
|Dollar to Naira (USD to NGN)||USD to naira black market today|
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|
Dollar to Naira Bank rate today.
Banks in Nigeria sell dollars between 540 to 545 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 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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Subject to certain criteria,’ CBN sheds light on acceptance of old Naira notes after deadline.
Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has had his stance on the demonetization of older banknotes clarified.
Before the February 10 deadline for the Naira swap, Emefiele told the House of Representatives Adhoc Committee on the naira swap that banks would continue to accept the old N200, N500, and N1,000 notes.
He explained, “We are mandated to collect that money even after the old currency has lost its legal tender status, as stated in Section 20 Subsection 3 of the CBN Act 2007. The House of Representatives has my support, and so do I.”
Dollar to Naira Black Market today 1st February 2023.
When speaking to journalists in Abuja, CBN Director of Corporate Communications Osita Nwanisobi said that as of February 10, the old currency notes would no longer be accepted as payment.
He emphasised that after the specified date, the old banknotes would no longer be valid for any kind of transaction.
After the deadline, Nwanisobi said, commercial banks could no longer offer face value Naira exchanges to Nigerians.
However, he claimed, this was contingent on meeting certain conditions.
After the Naira lost its legal tender status, he said, “Nigerians would only be able to redeem the face value of the Naira at the Central Bank under certain conditions as set forth in Section 20 (3) of the CBN Act.”
When asked how long the old currency notes would be accepted after the deadline, the spokesman remained silent.
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.
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 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 Wednesday 1st 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.
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