Dollar To Naira Exchange Rate (USD/NGN) Rate For Today 6th December 2022

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Exchange Rate For Today
Exchange Rate For Today

Brand Spur Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦ and the price can change (high or low) within hours.

How Much Is Dollar To Naira Exchange Rate Today 6 December 2022 Official Rate?

The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at 430.63 NGN per dollar on, 6 December 2022, after it closed at N430.01 6 December 2022. This represents a change of 0.2%.

Below are verified rates obtained by Brand Spur Nigeria from some dollar vendors within Ogba, Akownjo area of Lagos State.

Currency Rate Date User Nick
USD ₦ 730 6/12/2022 KSL >
USD ₦ 745 5/11/2022 Famous >
USD ₦ 750 4/11/2022 Mr bk >
USD ₦ 748 3/11/2022 Alhj hone.. >
USD ₦ 760 2/11/2022 KSL >
USD ₦ 760 1/10/2022 D BDC >

 

According to abokiFX.com, the local currency opened at N675.00 per $1 at the parallel market otherwise known as the black market, today, 6 December 2022, in Lagos Nigeria after it closed N675.00 per $1 on 6 December 2022. This represents a change of $0.05 from the previous day.

Brand Spur Nigeria reports that the data published on abokiFX.com, which is known as the “official black market rate“, showed that at the black market, the players buy a dollar for N675 and sell for N700 this morning, 6 December 2022.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate 750
Selling Rate 730

Brand Spur Nigeria reports that the USD started this week at ₦730 in Parallel Market also known as Black Market on, 6 December 2022. A change of $0.9 dollars compared to last Monday when it opened at ₦730 per dollar.

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Even though the dollar to naira opened in the parallel market at ₦740 per $1 today, Brand Spur Nigeria reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.

Factors Influencing Foreign Exchange Rates

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 controlled, 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 increase 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.