Dollar To Naira Black Market today 31st January 2023, USD to Naira

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Black Market Dollar To Naira Exchange Rate Today 
Graphic of Dollars and Nairas
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Dollar to Naira Black Market today 31st January 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.

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Dollar to Naira Black Market Exchange rate Yesterday 30th January 2023

The exchange rate between the naira and the US dollar closed at an average of N756/$1 on Monday 30th 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.

 

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Dollar to Naira Black Market today 31st January 2023

Dollar to Naira (USD to NGN) USD to naira black market today 
Buying Rate 750
Selling Rate 755

 

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.

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Dollar to Naira (USD to NGN) Official Dollar to Naira Exchange Rate Today
Buying Rate 457
Selling Rate 459

 

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.

 

Dollar to Naira Black Market today

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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 directs banks to pay customers with only N100, N50, N20, N10, N5 over the counter

 

Regardless of the amount withdrawn, commercial banks will now pay customers in N100, N50, N20, N10, and N5 bills at the teller window.

The Banker’s Committee issued the directive to all commercial banks in the country and announced that old N1,000, N500, and N200 notes should no longer be accepted over the counter.

Customers who insist on using the new naira notes must use automated teller machines (ATMs).

The directive was issued today, Monday, following a meeting of the bankers’ committee in Lagos.

Dollar to Naira Black Market today 31st January 2023.

Meanwhile, the CBN announced in a press release signed by its governor on Sunday, February 10, that the deadline for exchanging old naira notes has been extended to February 10.

In addition, the statement disclosed that N900 billion remained outside of banks and that the new deadline is February 10.

Emefiele stated that CBN staff currently engaged in mass mobilisation and monitoring, along with officials of the EFCC and ICPC, will collaborate to achieve the objectives of the naira redesign, which include making Nigeria’s Monetary Policy Committee (MPC) decisions more effective and assisting Nigeria’s security agencies in combating banditry and kidnapping.

To avoid regulatory hammers, many banks have instructed their core and non-core operations staff to ensure there are no cash shortages in their ATMs, only to discover they have the new naira notes in their vaults.

“We sent all of our staff, especially the Assistant Directors, Deputy Directors, and Directors in Abuja, to all CBN branches nationwide to join the mass mobilisation campaign and monitoring programmes, working with Deposit Money Banks, agents, and our Branch controllers in all 36 states of the Federation.

“This is intended to ensure compliance with all previously issued programme implementation guidelines. Although we have received reports of violations by some bank branches, we have agreed with the Executive Chairmen of the EFCC and ICPC to have their staff monitor the implementation of these guidelines in all CBN and DMB branches nationwide. The objective is to ensure adherence to the established guidelines, the CBN governor said in a statement.

“We are pleased that up to this point, over 75% of the N2.7 trillion held outside the banking system have been accounted for. Using the Agent Naira Swap initiative and the CBN Senior staff nationwide sensitization team exercise, Nigerians in rural areas, villages, and among the older  and vulnerable people have been able to exchange their old banknotes,” Emefiele explained.

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:

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 Tuesday 31st  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.

 

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