Business & Economy
Black Market Dollar To Naira Exchange Rate Today 18th February 2023
Black Market Dollar To Naira Exchange Rate Today, Saturday 18th February 2023 has emerged.
NewsOnline understands that the Nigerian citizenry prefers to exchange foreign currency, particularly the dollar to Naira, on the black market since the conversion rate is much higher than what the bank offers at the CBN official dollar-to-naira exchange window.
How Much is Dollar to Naira and the official Exchange Rate today, Saturday 18th February 2023?
NewsOnline wants you to 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.
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.
How much is the Dollar to Naira Exchange rate at the black market and aboki fx today, 18th February 2023? See today’s Dollar to Naira exchange rate. 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.
Black Market Dollar To Naira Exchange Rate Today, Saturday 18th February 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 765 |
| Buying Rate | 760 |
CBN Official Naira Exchange Rates
The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar-to-naira exchange rate according to NewsOnline Nigeria findings:
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 favor 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.
Fascinating Facts About the United States Dollar You Didn’t Know
You know that the United States dollar is our currency. But did you know…
-The dollar is three different denominations: the penny, nickel, and dime. The dollar is made up of 100 cents.
