What is the Dollar to Naira Exchange rate at, offical CBN rate, aboki fx and the black market. How much is the Dollar to Naira exchange rate today, August 2, 2022?
You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent, official CBN rate, black market or parallel market rate.
How Much Is Dollar To Naira Exchange Rate Today Official Rate?
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 690 |
| Selling Rate | 695 |
Brand Spur Nigeria reports that the US dollar to naira exchange rate changes hourly. The exchange rate fluctuates depending on the volume of dollars available and demand for it. This means the exchange rate you buy and sell the dollar could be different hours later (high or low).
Here are some of the causes of the dwindling dollar to naira exchange rate
Inflation Rates: It is well known that inflation directly impacts black market exchange 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.
Interest Rates: Another tool to keep an eye on is interest rates. 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.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will lead to an increase in the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Bureau De Change operators have cited a lack of FX and a surge in demand for the recent uncontrolled uptrend recorded in the market. In the same vein, some bank users who have FX in their domiciliary account told Nairametrics that they have not been able to withdraw their funds from the bank due to tightened liquidity.
