The official exchange rate for the US Dollar to Naira today, Tuesday, August 23rd, 2022, stands at ₦429.07/$1. This rate is based on data obtained from FMDQ, where the Naira is officially traded. The exchange rate opened at ₦429.07/$1 and closed at ₦429.43/$1 on August 23rd.
US Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 680 |
| Selling Rate | 710 |
The exchange rate for the US Dollar to Naira on the black market is currently 680 Naira for buying and 710 Naira for selling.
Media Talk Africa reports that the US dollar to Naira exchange rate is subject to hourly changes, influenced by factors such as the availability of dollars and demand for it. It is important to note that the exchange rate can vary significantly within a short period.
Factors Affecting Foreign Exchange Rates in Nigeria
- Conditions of Trade
- Speculators
- Government Debt
- Interest Rates
- Inflation Rates
Bureau De Change operators have attributed the recent uncontrolled uptrend in the market to a lack of foreign exchange (FX) and a surge in demand. Some bank users with FX in their domiciliary accounts have also reported difficulties in withdrawing their funds due to tightened liquidity.
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