You may be asking: How much is dollar to naira today?
You may also be asking how much is the dollar to Naira today in the Parallel Market which is also referred to as the Black Market. First let us analyse the meaning and concept of the Black Market Exchange Rate for the Dollar to Naira.
What is Black Market exchange rate For Dollar To Naira in Nigeria?
Generally, a black market is where foreign currencies are exchanged illegally for naira, through brokers, or “abokis,” as they are called in Nigeria. The parallel market premium is the difference between the parallel market rate and the official market rate paid by a black-market customer.
The exchange rate between the Dollar To Naira Black Market Today has gained momentum to N620/$1 threshold at the parallel market, despite trading last week at N710/$1. This is according to information from Bureau De Change operators in Lagos State.
Therefore Dollar To Naira Black Market Today in 2022 currently stands as N620/$1.
Dollar To Naira Black Market Today in 2022: Naira Appreciates To N620/$1 At Parallel Market
According to Investigations by QUICK LOAN ARENA, the dollar to Naira Black Market today in 2022 has appreciated at the Parallel Market with the rate standing at N620/$1.
Dollar To Naira Today In 2022: Naira Appreciates To N620/$1
Tabular Form For Dollar to Naira Black Market Today in 2022
| $1 | N620 |
| $5 | N3,100 |
| $10 | N6,200 |
| $15 | N9,300 |
| $20 | N12,400 |
| $30 | N18,600 |
| $40 | N24,800 |
| $50 | N31,000 |
| $75 | N46,500 |
| $100 | N62,000 |
| $200 | N124,000 |
| $500 | N310,000 |
| $750 | N465,000 |
| $1,000 | N620,000 |
Dollar To Naira Today in 2022 appreciated to N620/$1 though last trading session ended the day at N720/$1. This is according to information obtained from Bureau De Change operators.
The naira yesterday continued its recovery on the parallel market, otherwise called Black Market, appreciating to N620 per dollar a few days after security operatives raided Bureaux De Change (BDC) hub in Abuja.
The nation’s currency had depreciated to about N720 to a dollar on the parallel market last week.
On the official market side, the naira appreciated by 0.03 percent to close at N428.88 to a dollar on Monday, according to data on FMDQ OTC Securities Exchange, a platform that oversees official foreign-exchange trading in Nigeria.
Last week, operatives of the Economic and Financial Crimes Commission (EFCC) raided Wuse Zone 4, Federal Capital Territory, Abuja, over allegations that some Bureaux De Change (BDC) operators are mopping up foreign currencies.
“The raid by EFCC in Abuja BDCs last week dampened demand,” a source told TheCable.
“There were large buyers last week that many had to queue up!
“The current situation tells you that if you allow the market to work, it will find its level. We were blaming aboki fx before.”
President of the Association of Bureaux De Change, Aminu Gwadabe said, the “market surveillance” was done in collaboration with the association.
“We have a cordial relationship with the security agencies and ongoing collaboration with the agencies on the exchange rate issues,” he said.
The Central Bank of Nigeria (CBN) regularly intervenes in the official foreign exchange market to maintain stability.
Last week, Osita Nwasinobi, spokesperson of the CBN, said the apex bank would continue to make deliberate efforts in the forex sector to avoid further downward slides in the value of the naira.
He further advised forex buyers not to succumb to speculative activities of some players in the FX market to save the naira from further decline.
While the pressure on the naira has both local and global perspectives, there has been unabating demand for forex for both goods and services, thereby creating a demand challenge. The deteriorating security situation in the country had also battered investor confidence and affected forex inflows into Nigeria, just as the rising petrol subsidy cost and oil theft were hurting the economy.
Frequently Asked Questions About Dollar To Naira today
How much is 1 dollar to naira today black market?
1 Dollar to Naira today black market currently stands at N620/$1
How much is black market dollar to naira today?
Black Market dollar to Naira today is N620/1$
How much is dollar to naira today?
Naira Shakes Off Losses, As Dollar to Naira Black Market today in 2022 Gains N100 To Exchange N620/$
What is dollar to naira today in black market
The Dollar To Naira in Black Market Today in 2022 has gained big and currently trading at N620/$1 at the Black market otherwise called Parallel Market
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