The Dollar to Naira Exchange Rate: CBN, Aboki FX, and Black Market Rates
Curious about the exchange rate between the US Dollar and the Nigerian Naira? Wondering how much your dollar is worth in Naira today, on the 22nd of August 2022? You can convert your dollars to Naira at various rates, such as the official CBN rate, the black market rate, or the most recent rate available.
Current Official Exchange Rate for Dollar to Naira
As of today, Monday, August 22nd, 2022, 1 US dollar is equal to ₦428.00.
The data obtained from the Financial Markets Dealers Quotations (FMDQ) reveals that the exchange rate between the Naira and the US Dollar opened at ₦428.00/$1 on Monday, August 22nd, and closed at ₦429.05 to $1.
US Dollar to Naira Black Market Exchange Rate Today, 22nd August 2022
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | 680 |
| Selling Rate | 710 |
It’s important to note that the US dollar to Naira exchange rate changes frequently in the black market. This rate is influenced by factors such as the availability of dollars in the market and the demand for them. Therefore, the rate at which you buy or sell dollars could differ within a matter of hours, either increasing or decreasing.
Factors Influencing Foreign Exchange Rates in Nigeria
- Conditions of Trade
- Speculators
- Government Debt
- Interest Rates
- Inflation Rates
Bureau De Change operators attribute the recent uncontrolled surge in the market to the lack of foreign exchange (FX) availability and an increase in demand. Similarly, some bank users who hold FX in their domiciliary accounts have reported difficulties in withdrawing funds due to tightened liquidity.
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