Dollar (USD) to Naira Black Market Exchange Rate Today – 23rd September 2022

The black market and aboki fx exchange rates for the dollar to the naira today range from 700 to 712. View the current Dollar to Naira conversion rate as of today, September 23, 2022. You can exchange your dollars for naira at these rates or at the most recent rate on the parallel or black market.

Since the conversion rate on the black market is substantially higher than what the bank offers, Nigerians prefer to swap foreign currencies, especially dollars to Naira.

You can find all the information and the current exchange rate for the dollar against the naira on this page, including the CBN and black market rates.

What is the current exchange rate in dollars and nairas as of September 23, 2022?

Please be aware that the Central Bank of Nigeria (CBN) does not recognize the secondary market (black market) and has advised anybody interested in forex to first contact their local banks.

The black market (parallel) exchange rate is always different from the CBN rate. The Nigerian economy is greatly impacted by the exchange rate between the US dollar and the Nigerian naira.

Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the populace. The Central Bank has called for Nigerians to work toward this objective, such as expanding exports, and has stated that the country's economy needs a substantial turnaround.

Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). The rate at which you can buy or sell dollars for naira on the CBN's website, cbn.gov.ng, is known as the exchange rate.

When using your Naira MasterCard or Debit card from a Nigerian bank to make a purchase on a foreign website, you use the dollar to naira bank rate. Almost always, these prices are less expensive than those on the gray/parallel market.

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Interest Rates: Monitoring interest rates is a further strategy. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira.

Government Debt: A country's level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. If inflows are substantial, the currency rate will move in the naira's favor.

Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower.

Conditions of Trade: Although Nigeria is currently running a trade deficit, favorable trade terms will raise the value of the naira relative to the dollar. China, India, and the majority of Asian nations are the source of everything.