Dollar To Naira Black Market today 4th February 2023, USD to Naira today
Black Market Exchange Rate of Naira to dollar
Dollar to Naira Black Market today 4th 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.
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Dollar to Naira Black Market Exchange rate Yesterday 3rd February 2023
The US Dollar to Naira Black Market Exchange rate closed on Friday 3rd, February 2023 at an average of N750/$1.
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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 4th February 2023
|Dollar to Naira today black market (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 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.
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 452 Naira Per Dollar. The Nigerian Economy is drastically affected by the Dollar to Naira Black Market 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 545 to 570 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.
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External reserves fall to $37.01bn, as foreign investors stay on sidelines.
The external reserves went down in January 2023, a trend that continued from the previous year, as foreign investors stayed away.
Ejes Gist News found out from the Central Bank of Nigeria (CBN) that the foreign exchange reserves went down by $463.62 million last month.
At the end of January 30, 2023, the international reserves were worth $37.01 billion, which was less than the $37.08 billion they were worth at the end of December 30, 2022.
Remember that in the past year, the foreign reserves went down by $3.43 billion, ending with $40.52 billion on December 31, 2021.
Dollar to Naira Black Market today 4th February 2023.
Nigeria’s low foreign exchange reserves are caused by a number of things, such as fewer foreign investors trading stocks, Nigeria’s inability to meet its OPEC quota, and Nigerian National Petroleum Company (NNPC) Limited’s low earnings from crude oil.
Also, in order to keep the Naira from falling against the Dollar on the exchange rate market, the Central Bank of Nigeria (CBN) has had to keep using foreign reserves to give foreign currency to the Investors and Exporters (I&E) window.
In its January report, “MPC to favour smaller rate hikes in the short term,” Cordros Securities said, “Foreign investors remain on the sidelines due to the lack of FX reforms, higher global interest rates, and weak macroeconomic narrative.”
“Also, CBN’s FX supply to the different FX market segments is still a lot lower than it was before the pandemic. At the same time, there is still a high demand for the dollar, as market players continue to look for foreign exchange to meet and clear their obligations.
Cordros also said, “As a result, since the last policy meeting, the local currency has dropped by 3.4% to N461.25 per dollar on the official market as of January 18, 2023.”
“However, since the FX reserves are still within the CBN’s comfort level, we expect the Committee to stress how important it is for the central bank to keep doing its periodic FX interventions and to call on the government to do more to increase crude oil production in the short to medium term.
So, “the Committee will probably say again that the CBN should deal with the pressures on the local currency by increasing the FX supply for productive activities.”
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 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.
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What’s your Opinion on Dollar to Naira Black Market today Saturday 4th 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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Thanks for using our platform to learn about the latest Dollar to Naira Black Market Exchange rate for today Saturday.