BREAKING: Dollar (USD) to Naira Black Market Rate today- 31st August 2022.
BREAKING: Dollar (USD) to Naira Black Market Rate today- 31st August 2022.
See today’s (31st August 2022) Dollar to Naira Exchange rate at the black market in Abuja, Lagos, and also on aboki fx.
How much is Dollar to Naira exchange rate today?
Convert your dollar to Naira at these rates, or convert your dollar to Naira at the most recent black market or parallel market rate.
Clearly, 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.
Discover the current rate for dollar to Naira, both the CBN and the black market rate at Choc News daily.
Dollar to Naira and the official Exchange Rate today?
Keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market).
The parallel exchange rate as you are aware (black market rate) is always different from the CBN rate.
This exchange rate differential between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.
Therefore, the Central Bank is working very hard to ensure that the Nigerian economy experience a significant turnaround by increasing exports.
This has led to a clampdown on activities of speculators by the EFCC in recent times.
The black market rate for dollars is usually higher than the Central Bank of Nigeria’s (CBN) rate.
The CBN Exchange rate is the equivalent rate for buying or selling dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar-to-naira bank rate is the rate applied during online International transactions 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.
A call to some players in the FOREX business this afternoon (12.55 pm), on the streets of Abuja and Lagos today provides the following rate;
Dollar to Naira Black Market Rate Today, 30th August 2022
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Selling Rate N710
Buying Rate N696
The Nigeria Central Bank continues to warn the general public against currency speculations. Speculation impact the naira-to-dollar and other currencies’ exchange rate.
This happens when speculators stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Ghana Cedi Rates
Bureaus sell $1 at GH¢10.05, BoG GH¢8.23 as of August 31. This data is provided by the Afriswap Bureau De Change in Osu, Accra.
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