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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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Naira Vs USD: CBN To Ban Street Trading, Mulls Fresh Guidelines For BDCs

“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.

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Amid the continued fluctuation of the Naira against the US dollar in the foreign exchange market, the Central Bank of Nigeria says it is considering stopping street trading, among other fresh guidelines, to Bureau De Change Operators in Nigeria.

The apex bank disclosed this Friday in its draft Revised Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria.

CBN plans to fix the minimum per capital share for Tier 1 and 2 BDC licenses to N2 billion and N500,000 million, respectively. This is a move away from the previously N35 million per capital share for general license.

“A Tier 1 BDC is authorized to operate on a national basis, can open branches, and may appoint franchisees, subject to the approval of the CBN.

A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.

A Tier 2 BDC is authorized to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”

The development comes amid a clampdown on illegal BDCs in Abuja, Lagos, Kano and Ibadan Oyo States by the operatives of the Economic and Financial Crimes Commission to stabilize the Naira against USD.

At the close of work on Friday, the Naira depreciated N1,665.50 per US dollar from N1571.31 on Thursday at the FMDQ market. Meanwhile, in the parallel market.

The Naira traded for N1,750 to N1,800 per USD on Friday compared to N1,680.00 on Thursday.

CBN had unveiled several FX interventions in the past months but the country’s foreign exchange crisis has, however, persisted.

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Black Market Dollar To Naira Exchange Rate Today 19th February 2024

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Black Market Dollar to Naira Exchange Rate Tracker, 19th February 2024 in Nigeria can be accessed below.

JomogNews Nigeria has obtained the official Naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.

As of now, you can purchase 1 dollar at ₦1,710 and sell it at ₦1,715 however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours.

See the black market Dollar to Naira exchange rate for 19th February below.

You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1705 and sell at N1710 on Monday 19th February 2024, 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 N1710
Selling Rate N1,715

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1,605
Selling Rate N1,607

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

The Federal Government has stepped up talks with the Kingdom of Morocco to expedite the process of reaching the Final Investment Decision (FID) on the Nigeria-Morocco Gas Pipeline.

The pipeline would pass through the Republic of Benin, Togo, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Guinea, Guinea-Bissau, Gambia, Senegal, Mauritania, and end in Morocco with a spur to Spain, according to a statement released on Thursday by the Chief Corporate Communications Officer of the Nigeria National Petroleum Company Limited (NNPCL) Olufemi Soneye.

JomogNews Nigeria reports that on Wednesday, January 24, 2024, the NNPC Ltd.’s Executive Vice President, Gas, Power & New Energy, Mr. Olalekan Ogunleye, and Mme Amina Benkhadra, Director General of the Morocco National Office of Hydrocarbons and Mines (ONHYM), served as the discussion’s anchors. The meeting was between the Honorable Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, and the Moroccan Minister of Energy Transition and Sustainable Development, Leila Benali.

The discussions centered on ways to advance the collaboration between the two nations in order to expedite the Nigeria-Morocco Gas Pipeline Project following the several Memoranda of Understanding (MoUs) that were inked in Abuja in 2022.

In order to achieve the goal of reducing energy poverty on the continent, the stakeholders emphasized the project’s strategic significance for their respective nations as well as for all of Africa. They also emphasized the urgency with which the project must be completed.

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Black Market Dollar To Naira Exchange Rate Today 16th February 2024

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 15th February, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1555 and sell at N1565 on Thursday 15th February 2024, 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 N1555
Selling Rate N1565

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1516
Selling Rate 1517

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

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