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.
On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate.
How Much is Dollar to Naira and the official Exchange Rate today, 5th January 2023?
Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.
The parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.
As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.
The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those on the black/parallel market.
Dollar to Naira Black Market Rate Today, 5th January 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 740 |
| Buying Rate | 731 |
Euro to Naira Black Market
Today’s Euro to Naira black market rate: This is the rate at Aboki/Bureau De Change (BDC) are selling and buying The European currency (Euro) currently in Abuja, Kano, and Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Euro to Naira (EUR to NGN) | Exchange Rate Today |
| Buying Rate | 770 |
| Selling Rate | 785 |
Pounds to Naira Black Market
Today’s Pounds to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Great British Pounds currency (Pounds) is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Pounds to Naira (GBP to NGN) | Exchange Rate Today |
| Buying Rate | 915 |
| Selling Rate | 930 |
Rand to Naira
Today’s Rand to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Rand is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Rand to Naira (ZAR to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦31 |
| Selling Rate | ₦38 |
Dirham to Naira
Today’s Dirham to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Dirham is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Dirham to Naira (AED to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦155 |
| Selling Rate | ₦165 |
Yuan to Naira
Today’s Yuan to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Chinese Yuan is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Yuan to Naira (CNY to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦80 |
| Selling Rate | ₦90 |
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Ghanaian Cedi to Naira
Today’s Ghanaian Cedis to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Ghanaian Cedis is currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.
| Cedi to Naira (GHS to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦65 |
| Selling Rate | ₦75 |
CAD to Naira Black Market
Today’s CAD to Naira black market rate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (CAD) currently in Abuja, Kano, Lagos. There might be slight variations in the different parallel (unofficial) markets.
| CAD to Naira (CAD to NGN) | Exchange Rate Today |
| Buying Rate | 540 |
| Selling Rate | 560 |
CBN Official Naira Exchange Rates
The exchange rate between the Naira and the US dollar, according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official.
| Date | Currency | Buying(NGN) | Central(NGN) | Selling(NGN) |
|---|---|---|---|---|
| 1/4/2023 | US DOLLAR | 449.03 | 449.53 | 450.03 |
| 1/4/2023 | POUNDS STERLING | 541.62 | 542.2231 | 542.8262 |
| 1/4/2023 | EURO | 476.3759 | 476.9064 | 477.4368 |
| 1/4/2023 | SWISS FRANC | 483.8164 | 484.3551 | 484.8939 |
| 1/4/2023 | YEN | 3.4387 | 3.4426 | 3.4464 |
| 1/4/2023 | CFA | 0.7011 | 0.7111 | 0.7211 |
| 1/4/2023 | WAUA | 595.1385 | 595.8012 | 596.4639 |
| 1/4/2023 | YUAN/RENMINBI | 65.2461 | 65.3192 | 65.3923 |
| 1/4/2023 | RIYAL | 119.4292 | 119.5622 | 119.6952 |
| 1/4/2023 | SOUTH AFRICAN RAND | 26.6838 | 26.7135 | 26.7432 |
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar to naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however
, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Fascinating Facts About the United States Dollar You Didn’t Know
You know that the United States dollar is our currency. But did you know…
-The dollar is three different denominations: the penny, nickel, and dime. The dollar is made up of 100 cents
The dollar was first introduced in 1792. It replaced the Spanish dollar, which was used in the colonies.
-The dollar is the most traded currency in the world.
-The dollar is also the most counterfeited currency in the world.
A Brief History of the US Dollar
Did you know that the United States dollar has quite a fascinating history? It was created in 1792 when the United States government passed the Coinage Act. This act designated the US dollar as the country’s official currency.
Since then, the dollar has gone through a few changes. For example, in 1854, the US replaced Spanish with American coins. And in 1933, President Franklin D. Roosevelt took the US off the gold standard, which meant that the dollar could no longer be exchanged for gold.
Today, the US dollar is one of the most commonly used currencies in the world. Over 60% of all international transactions are done in US dollars. So next time you spend your vacation dollars in a foreign country, you can feel confident that you’re using a currency that’s been around for a while!
Who Manages the Production of US Currency?
The United States Mint is in charge of producing the paper currency for the US dollar. It’s a governmental agency that falls under the Department of the Treasury. They’re responsible for producing not just paper money but coins as well.
Interestingly, the president decides the design for each bill and coin. The Mint then creates a prototype and sends it to the Treasury for approval. From there, it goes into production. So, each bill and coin you see in circulation has been approved by the president—which is why they sometimes feature his or her portrait on them.
Last Updated on: 2023-01-05
Source: FRANKTALKNOW.COM
