USD/Naira black market: Nigerians prefer to exchange foreign currency, especially convert dollar to nairaon the black market, because the exchange rates are much higher than those offered by banks.
On this page you can know all the facts and the current exchange rate for the US Dollar to Naira, including the CBN rate and the black market rate.
What is the US dollar to naira exchange rate today?
Bear in mind that the Central Bank of Nigeria (CBN) does not recognize a parallel market (black market) and advises individuals interested in Forex to contact their respective banks before proceeding.
The parallel rate (black market rate) is always different from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira has a significant impact on the Nigerian economy.
As the naira depreciates, inflation takes over the economy, which usually affects residents. The central bank said the Nigerian economy needs to improve significantly and asked Nigerians to work hard to achieve this, such as increasing exports.
The U.S. dollar black market rate is usually higher than the Central Bank of Nigeria (CBN). The CBN exchange rate is the rate at which you buy or sell USD for Naira on the CBN USD to Naira website, China Broadcasting Network Government Network.
The USD/Naira bank exchange rate is the exchange rate you use when you use your Naira MasterCard or Nigerian Bank debit card to purchase goods from foreign websites. These prices are almost always cheaper than those on the black/parallel market.
Black Market USD to Naira Today
Black market exchange rate of US dollar to Naira on June 24: 1 US dollar to Naira = 765
| US Dollar to Naira (USD to NGN) | Today’s black market exchange rate |
| sales rate | Chapter 775 |
| purchase rate | Chapter 765 |
Factors Affecting Foreign Exchange Rates
Here are some of the reasons why the USD/Nira exchange rate is falling.
Inflation rate: We all know that inflation directly affects the black market exchange rate. If the Nigerian economy can stabilize and inflation is kept under control, the naira will benefit; however, if the naira continues to fall, it could be a sign that food and other essentials are getting more expensive every day.
interest rate: Another tool to watch is interest rates. If bank lending rates go up, it hurts the economy, causing it to contract, which in turn causes the naira to depreciate.
Government debt: National debt affects investor confidence, which in turn affects the flow of money into the economy. If the capital inflow is higher, the Naira exchange rate will rise in favor of the Naira.
Speculators: Speculators often influence the naira-dollar exchange rate. They hoarded funds for profit, causing the naira to fall even lower.
Terms of trade: Despite Nigeria’s current trade deficit, favorable terms of trade will lead to appreciation of the naira against the dollar. Everything comes from China, India and most Asian countries. NG News 247