Here is today’s Dollar to Naira Exchange rate at the black market and the CBN official rate. How much is the Dollar to Naira rate today, 19th August 2022?. You can easily 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.
Many Nigerians prefer to exchange foreign currency, particularly dollars to Naira, on the black market since the conversion rate is much higher than what the Nigerian bank offers.
On this webpage, you can find all the facts and the lates rate for dollar to Naira, both the CBN and the black market rate.
How Much is Dollar to Naira and the official Exchange Rate Today, 19th August 2022?
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.
The parallel exchange rate (black market rate) is always different from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. 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 black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
When using your Naira MasterCard or Debit card from a Nigerian bank to make a payment on a foreign website, you use the dollar to naira bank rate. Almost always, these prices are less expensive than those on the blackmarket.
DOLLAR TO NAIRA BLACK MARKET RATE TODAY, 19TH AUGUST 2022
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
The official rate today, Friday August 19th, 2022, for 1 dollar to naira = ₦427.00/$1.
According to the data obtained from the FMDQ, where Naira is traded officially, the exchange rate between the naira and the US dollar opened at ₦427.00/$1 on Thursday 18th August and closed at ₦429.38 to $1.
What are the Factors Influencing Foreign Exchange Rates.
Here are a few reasons why the dollar to naira exchange rate is declining.
Inflation Rates: It is common knowledge that inflation has a direct impact on exchange rates on the black market. The naira will benefit if the Nigerian economy can be stabilised and inflation is brought under control; however, if the naira keeps falling, it might mean that food and other necessities are getting more expensive on a daily basis.
Interest Rates: Interest rates are yet another thing to monitor. Interest rate also affect Black Market Dollar To Naira Exchange Rate. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira.
Government Debt: Investor confidence and, consequently, the inflow of cash into the economy, are impacted by national debt. If inflows are substantial, the exchange rate will move in the naira’s favour.
Speculators: Speculators frequently affect how much the naira is worth in dollars. They accumulate funds in anticipation of a profit, which pushes the value of the naira even lower.
Conditions of Trade: The value of the naira relative to the dollar will rise as trade conditions improve, despite the fact that Nigeria is currently running a trade deficit. China, India, and the majority of Asian nations are the source of everything.
That is all for today on Black Market Dollar To Naira Exchange
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