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Black Market Dollar To Naira Exchange Rate Today, 19th November 2022

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How much is the Dollar to Naira Exchange rate at the black market today, 19th November 2022? The rate is between ₦710 and ₦740. 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.

Nigerians prefer to exchange foreign currency, particularly dollar 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, 19th November 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, 19th November 2022

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate 710 Selling Rate 735

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.

Disclaimer: JomogNews does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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Black Market Dollar To Naira Exchange Rate Today 28 January 2023

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Black market dollar to naira exchange rate for today 28 January 2023, Aboki dollar rate can be accessed below.

JomogNews reports that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 on Saturday 28 January 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate N750 Selling Rate N755

The local currency opened at N750.00 per $1 at the parallel market otherwise known as the black market today Saturday, 28 January 2023, in Lagos Nigeria, after it closed at N750.00 per $1 on Friday, 27 January 2023.

Even though the dollar to naira opened in the parallel market at ₦746 per $1 today, News Online 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.

JomogNews Nigeria reports that in the black market, the players buy a dollar for N750 and sell for N755 on Saturday morning, January 28, 2023, after they purchased N750 and sold for N755 on Friday, 27 January 2023.

Meanwhile, JomogNews reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦743 last week Monday, January 16, 2023.

Disclaimer: JOMOGNEWS NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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Black Market Dollar To Naira Exchange Rate Today 26 January 2023

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Black market dollar to naira exchange rate for today 26 January 2023, Aboki dollar rate can be accessed below.

JomogNews reports that the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N750 and sell at N755 on Thursday 26 January 2023, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate N750 Selling Rate N755

The local currency opened at N750.00 per $1 at the parallel market otherwise known as the black market today Thursday, 26 January 2023, in Lagos Nigeria, after it closed at N750.00 per $1 on Wednesday, 25 January 2023.

Even though the dollar to naira opened in the parallel market at ₦746 per $1 today, News Online 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.

JomogNews Nigeria reports that in the black market, the players buy a dollar for N750 and sell for N755 on Thursday morning, January 26, 2023, after they purchased N750 and sold for N755 on Wednesday, 25 January 2023.

Meanwhile, JomogNews reports that the USD started this week at ₦755 in Parallel Market also known as Black Market on Monday, January 23, 2023, in Lagos Nigeria, after it opened at ₦743 last week Monday, January 16, 2023.

Disclaimer: JOMOGNEWS NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

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CBN Won’t Extend January 31 Deadline For Naira Deposits – Emefiele

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The Central Bank of Nigeria, CBN, has ruled out an extension of the January 31 deadline for naira deposits.

CBN Governor, Godwin Emefiele confirmed this on Tuesday at a meeting of the Monetary Policy Committee in Abuja.

Emefiele responded to a question on the extension of the ultimatum following complaints by a section of Nigerians.

“Unfortunately, I don’t have good news for those who say we should shift the deadline,” he said.

“The reason is because 90 days, in fact, 100 days, is enough for anybody who has the old currency to deposit it in the bank.

“We took every measure to ensure all the banks remain open to receive the old currency, including opening on Saturdays.

“We do not see any reason to begin to talk about a shift. We believe 100 days is more than adequate,” Emefiele added.

On Tuesday, the Senate asked the apex bank to postpone the deadline for phasing out old notes to July 31.

The Red Chamber also urged the CBN to compel banks to open naira exchange windows for those without bank accounts.

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