Latest US Dollar To Naira Black Market Rates Today, 9 August 2022

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Naira
Latest Dollar To Naira Exchange Rate

Today’s Dollar to Naira Exchange rate at the parallel/black market and the aboki fx. How much is the Dollar to Naira exchange rate today, 9th August 2022? Convert your dollar to Naira at the most recent black market or parallel market rate.

Nigerians prefer to exchange foreign currency, particularly dollars to Naira, on the black market since the conversion rate is much higher than the bank offers.

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.

How Much is Dollar to Naira and the official Exchange Rate today, 9th 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) always differs 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.

Read Also:  Nigerian Economy Emerges from Recession: GDP Grows by 0.55% in Q2’17 from -0.91% in Q1’17 - NBS

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.

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. These rates are almost always cheaper than those on the black/parallel market.

US Dollar to Naira Black Market Rate Today, 9th August 2022

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 650
Selling Rate 657

Factors that could Influence Foreign Exchange Rates in Nigeria

  • Conditions of Trade
  • Speculators
  • Government Debt
  • Interest Rates
  • Inflation Rates