Dollar Hits 730 to Naira Black Market Rate Today

You may now examine the black market for dollars to naira here. Let’s look at the current dollar to Nigerian naira exchange rate. Let’s see how the dollar-to-naira bank rate compares to the above rate.

Note: Naira sells for N550/$1 on the official market due to a minor adjustment by the CBN Forex Rate, which now stands at N540/$1.

Honestly, if you have a few hundred dollars in Nigeria right now, you are set, if not a millionaire. Are you curious about the black market rates in Abuja and Lagos? The naira was exchanged at 730 naira by traders.

If you want to sell a dollar right now, they’ll pay N730 per one of it. This means that if you had one dollar right now, you will receive 730. It was previously reported to be sold in Nigeria’s black market. In Uyo, dealers are said to trade at 750 dollars per naira.

Today’s Dollar, Pound, and Euro to Naira Exchange Rates – GBP to Naira Exchange Rates

Currency                             Selling(NGN)                  Buying(NGN)
US DOLLAR                                 730                                      720
POUNDS STERLING                  870                                      860
EURO                                          758                                        748

Today, the USD is trading at 710 in the Black Market(Lagos). When the Black Market opened this week on Monday, the USD was trading at 700. This gives the dollar a 0.80 percent gain against the naira this week.

Price of Naira to Dollar in Black Market Today?

You can now do so. Today’s black market dollar-to-naira conversion rate may be seen below. According to PREMIUM TIME’s sources from forex traders in Uyo and Abuja, the matched currency closed at N730 and N720 per $1 on the underground market, respectively.

We were able to arrive at the following calculations based on the premium times report.

Black market rate

The Investors and Exporters window is now the sole exchange rate market recognized by the CBN, therefore if you want to purchase or sell dollars, you must use it without breaching the law.

Despite the fact that everyone has an opinion on the subject. Experts contend that if the BDC had been active, things would not have gotten this far.

Not to be forgotten, the CBN has denounced the practice of registered money changers round-tripping.

The exchange rate between the US dollar and the Nigerian naira Today’s abokifx exchange rate in Nigeria black market rate dollar to naira USD to NGN black market today’s abokifx exchange rate in Nigeria black market today’s abokifx exchange rate in Nigeria black market today’s abokifx exchange rate in Nigeria

how much is the dollar to naira today in the black market?

Key Factors that Affect Foreign Exchange Rates

Here are some of the causes that cause the naira or exchange rate to fluctuate.

INFLATION RATES: It is well known that inflation has a direct effect on the black market exchange rate. If the Nigerian economy can be stabilized and inflation can be controlled, it will have a beneficial impact on the Naira; however, if the Naira continues to fall, it could indicate that food and other basic necessities are becoming more expensive on a daily basis.

INTEREST RATES: Another tool to keep an eye on is interest rates. If the rate at which banks give money out rises, it would have a negative impact on the economy, causing it to contract and, as a result, the value of the naira to fall.

GOVERNMENT DEBT: Government debt has the potential to affect investor confidence and, as a result, the influx of cash into the economy. If inflows are high, the naira exchange rate will appreciate in Naira’s favor.

SPECULATION: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in the hope of making a profit, which causes the naira to depreciate even more.

TERMS OF TRADE: Favorable terms of trade will improve the value of the Naira against the dollar, although Nigeria is currently experiencing a trade imbalance. Everything comes from China, India, and the majority of Asian countries.

RECESSION: A recession is a period of economic crisis. Investors and direct investments are scared away from the economy as a result of this. Nigeria went into recession in 2016 and would go into a third recession in 2023 as a result of the drop in oil prices and the impact of Covid-19 on the global economy.