![]() Speculators: Speculators frequently impact the naira-to-dollar exchange rate. If inflows are high, the naira exchange rate will rise in favour of the naira. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall. Interest Rates: Another tool to keep an eye on is interest rates. If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. Here are some of the causes of the dwindling dollar to naira exchange rate. These rates are almost always cheaper than those available on the black/parallel market.ĭollar to Naira Black Market Rate Today, 9th June 2022ĭollar to Naira (USD to NGN) Black Market Exchange Rate Todayįactors Influencing Foreign Exchange Rates The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website,. The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.Īs the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The parallel exchange rate (black market rate) is always different from the CBN rate. Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding. How Much is Dollar to Naira and the official Exchange Rate today, 9th June 2022? On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate. Nigerians prefer to exchange foreign currency, particularly dollars to Naira, on the black market since the conversion rate is much higher than what the bank offers. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.How much is the Dollar to Naira Exchange rate at aboki fx and the black market? See today’s Dollar to Naira exchange rate. compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. ![]() Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. We may also receive compensation if you click on certain links posted on our site. We may receive compensation from our partners for placement of their products or services. While we are independent, the offers that appear on this site are from companies from which receives compensation. All international money transfer servicesį is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions.Best debt consolidation loans of September 2023.
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