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Dollar (USD) to Naira Black Market Rate today- 1st August 2022

Dollar to Naira

See the Dollar to Naira Exchange rate at the aboki fx and the black market today, 1st August 2022. How much is Dollar to Naira exchange rate today? You 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.

Nigerians prefer to exchange foreign currency, particularly dollars to Naira, on the black market since the conversion rate is much higher than what 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, 1st 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.

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 available on the black/parallel market.

Dollar to Naira Black Market Rate Today, 1st August 2022

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Selling Rate695
Buying Rate690

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 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.

6 Comments

6 Comments

  1. Muhammad Ibrahim

    August 1, 2022 at 11:12 am

    Muhammed

    • Anonymous

      August 2, 2022 at 7:18 pm

      The major reason why in Nigeria naira kept on loosing value is because of Govt and private sector very high importation level.Roundtripping increases because importation increases Nigeria imports morethan 2/3 of its total income in most key areas of the economy they are Food,vehicles,books, medication,clothing,building materials except cement,construction materials in roads,railways,spare parts,and even cooking utensils.Most people dont like made in Nigeria goods and materials.Eg in 2020 alone we import cars of N15.5tr Food of N1.2tr,construction & building materials for roads and railways of N2.5tr.Thats more than N5tr which is morethan 50% of the income of 9tr. Govt should reduce it importations especially of cars,food,construction and building materials.to shore up the value of Naira.we should import only what is very much needed.

    • Anonymous

      August 2, 2022 at 7:18 pm

      The major reason why in Nigeria naira kept on loosing value is because of Govt and private sector very high importation level.Roundtripping increases because importation increases Nigeria imports morethan 2/3 of its total income in most key areas of the economy they are Food,vehicles,books, medication,clothing,building materials except cement,construction materials in roads,railways,spare parts,and even cooking utensils.Most people dont like made in Nigeria goods and materials.Eg in 2020 alone we import cars of N15.5tr Food of N1.2tr,construction & building materials for roads and railways of N2.5tr.Thats more than N5tr which is morethan 50% of the income of 9tr. Govt should reduce it importations especially of cars,food,construction and building materials.to shore up the value of Naira.we should import only what is very much needed.

  2. Abdullahi Ibrahim

    August 2, 2022 at 5:05 pm

    Hello

  3. Esabobo

    August 3, 2022 at 8:02 pm

    It’s over Lord please help us

  4. Esabobo

    August 3, 2022 at 8:08 pm

    Nigerian we are dying true talk Mr president please reason with us it’s over

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