Connect with us


News

Dollar (USD) to Naira Black Market Rate Today- 17th September 2022

Published

on

Dollar (USD) to Naira Black Market Rate Today- Saturday, 17th September 2022 can be accessed below.

Advertisement

 

CityNews reports that today’s dollar to naira Exchange rate at the black market and aboki fx. How much is the Dollar to Naira exchange rate today, 16th September 2022? 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.

Advertisement

 

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.

Advertisement

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 is $50 in naira? = #35,150

How Much is Dollar to Naira and the official Exchange Rate today, Saturday 17th September 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.

Advertisement
READ ALSO:   Fresh Trouble Pose Nigeria Unity As Yoruba Calls For Secession

 

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.

Advertisement

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.

Advertisement

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.

READ ALSO:   ICPC To Arraign Ex-Surveyor General Awudu Over N2bn Contract Fraud

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.

Advertisement

Dollar to Naira Black Market Rate Today, 17th September 2022

 

Advertisement
Naira

How much is a naira per dollar?

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying Rate703
Selling Rate706

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Advertisement

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.

READ ALSO:   #Lekki Killings: CNN Lied To The World – Buhari’s Aide, Onochie

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.

Advertisement

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.

Advertisement

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.

Advertisement
Advertisement







Also Read...