Dollar to Naira Black Market Today 2023: This page is all about the current rate of dollar to naira black market, the official CBN dollar to naira today, and additional information regarding the dollar to naira exchange rate in 2023. As you have already known, Dollar to Naira exchange rate is not stagnant. The two currencies’ exchange rate keeps fluctuating as a result of the Nigerian economy.
Hello everyone, hope you’re having a great day! Today, we’re stepping into a realm that influences our everyday life, yet often remains shrouded in mystery and intrigue – the world of foreign exchange markets. More specifically, we’re venturing into the intriguing landscape of the Dollar to Naira exchange rate within the ‘Black Market’.
Now, the term ‘Black Market’ might sound a bit ominous, but don’t let that deter you. It’s simply a term used to describe unofficial or parallel marketplaces where transactions occur independently of the officially recognized exchange rates. This parallel market plays a significant role in the Nigerian economy, particularly concerning the exchange between the US Dollar and the Nigerian Naira.
But why the Black Market, you may ask? Why is it important? And what impact does it have on our economy and everyday life? Well, those are exactly the questions we’ll aim to answer in this exploration.
Whether you’re an economics enthusiast, a business owner navigating the challenges of foreign exchange, or just a curious mind wanting to understand the world better, this journey promises to be enlightening.
So, sit back, relax, and let’s together navigate the exciting twists and turns of the Dollar to Naira Black Market. Get ready to unravel a world where economy meets everyday life in the most unexpected ways. Let’s dive in!
Dollar to Naira Exchange Rate Introduction Continues Below
Moving forward, this page is dynamic as a result of the fluctuation of the dollar to naira rate either in black market or commercial bank. In that case, this page is regularly updated immediately there is a sudden change in the rate of US Dollars to Nigeria Naira.
How Much Is Dollar To Naira Black Market
The local currency opened at 735.00 per $1 at the parallel market otherwise known as the black market, today, June 19, 2023, in Lagos Nigeria, after it closed at #735.00 per $1 on June 19, 2023.
Although the dollar to the naira opened at #735.00 to $1 today on the parallel market, Kindly note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, also known as the black market. Because of this, Central Bank of Nigeria has instructed anyone who needs currency to contact their bank, insisting that the I&E window is the only known exchange.
Note: Naira to dollar is at #735.00/$1 on the black market. CBN exchange rate is at #735.00/$1
Honestly, if you only have a few thousand of dollars in Nigeria right now, you are absolutely rich enough.
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How Much Is Dollar To Naira Today In Black Market | dollar to naira today
Black Market Dollar to Naira Rates – To continue with, the current USD to Naira exchange rate for today. View CBN and black market exchange rates for dollar to naira. Convert USD to Naira at this rate, or convert Dollar to Naira at the latest black market or parallel market rates.
Are you aware that many Nigerians like to exchange their foreign currency, especially US dollars to naira, via the black market because the exchange rates are far better than what the commercial banks offer?
Are you aware of the Aboki FX Dollar to Naira? Their exchange rate is also included here so you can easily check each exchange rate for the currency you want to exchange on the parallel market. Aboki fx is highly recommended if you intend to use black market exchange rates from dollar to naira today.
Current rate of Dollar to Naira Black Market Today 2023
What is the current exchange rate of dollar to naira in the black market? You may have already known that the dollar exchange rate on the black market sometimes differs significantly from the exchange rate on the website of the Central Bank of Nigeria.
The prices you will see below are the current USD to Naira exchange rates. As we said in the beginning of this article, we always update the latest prices every day to keep you informed. The dollar exchange rate to naira is the current US dollar exchange rate. The percentage varies by bank and black market.
Dollar to Naira Black Market Rate Today 2023
If you ask question like how much is dollar tor to naira today in black market, you will find your answers below.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate. | 770.00 |
| Selling Rate. | 735.00 |
What is the official Dollar to Naira exchange rate today? | How much is Dollar to Naira
Now that you have known the rate of dollar to naira black market today, let’s move on to the official rate for USD to Naira. Have said earlier that black market rates are always different from CBN rates. The Naira is currently trading at 460.44 naira per dollar. The Nigerian economy has been affected by the exchange rate of the dollar to naira.
When Naira falls, inflation tends to happen. And this will affect the economy. Thus, will affect the whole population of Nigeria.
If you intend to purchase a product on a foreign website, you will have to use your Master card or Visa card. The official dollar to naira exchange rate will be used for the transaction. This means that the Black Market exchange rate is only applicable to physical transaction,s not online transactions.
The black market, commonly referred to as Aboki market value for the dollar, is usually higher than the exchange rate at the bank, which is usually regulated by the Central Bank of Nigeria (CBN). The CBN exchange rate is the rate at which you can buy or sell dollars as quoted in CBN dollars to the naira portal at cbn.gov.ng.
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How is US Dollar Currency Founded?
The intial documented use of banknotes in the United States dates back to 1690 when colonial banknotes were issued by the Massachusetts Bay Colony. These banknotes were used to fund military operations. The first $2 note was not introduced until 1776, nine days before independence. Nine years later, in 1785, the United States officially adopted the dollar sign and used the Spanish-American peso as its symbol. dollar to naira black market today
In 1863 the government established the Office of the Comptroller of the Currency (OCC) and the National Currency Bureau. These two agencies are in charge of handling new banknotes. Centralized printing began in 1869 at the Bureau of Engraving and Printing. Previously, money was printed by private companies.
The US Treasury officially took responsibility for issuing the nation’s official means of payment in 1890, more than a decade before the formation of the Federal Reserve and the dollar as we know it today.
US Dollar Today
Today, the dollar remains the world’s reserve currency. Central banks held 59% of their reserves in US dollars in the fourth quarter of 2020, according to the International Monetary Fund (IMF). Many reserves are held in cash or US bonds, such as US Treasuries. Dollar-denominated debt outside the United States continued to grow, reaching $12.6 trillion by mid-2020.
Most people would believe that this made the dollar the strongest currency in the world. Despite its position and dependence on world markets, the dollar is the 10th strongest currency according to CMC Markets. The website ranks the Kuwaiti dinar as the strongest currency, while the British pound and euro are fifth and eighth respectively.
History of Nigerian Naira
During the pre-colonial era, different cultures used different goods as a medium of exchange. These include cowries, manilas, beads, bottles and salt amongst others.
The issuance of Nigeria’s first major currency came as a follow-up to the Colonial Decree of 1880, which made the payment of the shilling and pence legal in British West Africa. The units of coin maintained by the Bank of England were one shilling, one penny, 1/2 cent and 1/10 of a cent and were distributed by the private bank, the West African Bank of England, until 1912. dollar to naira black market rate today, how much is dollar to naira, dollar to naira today, dollar to naira black market today 2022
From 1912 to 1959, the West African Currency Council (WACB) issued the first sets of banknotes (insert hyperlink) and coins in Nigeria, Ghana, Sierra Leone and Gambia. The highest denomination of the banknote is one pound, while the one shilling coin is the highest in denomination.
On 1 July 1959, the Central Bank of Nigeria (CBN) issued Nigerian banknotes while the notes and coins issued by WACB were withdrawn. It wasn’t until July 1, 1962, that the currency was changed to reflect the country’s republican status. Banknotes marked “FEDERATION OF NIGERIA” now have “FEDERAL REPUBLIC OF NIGERIA” written on them. The banknotes were changed again in 1968 following the misuse of foreign currency banknotes during the Civil War.
The name of the Nigerian currency was changed in January 1973 following the government’s decision to switch from metric to decimal. The base currency, previously £1, ceased to exist and one naira, equal to ten shillings, became the base unit, while the secondary unit of currency was called the kobo; a hundred of them yielded one naira.
The new twenty naira (#20) note was issued on February 11, 1977. It was the highest denomination introduced at the time due to economic growth, preference for cash transactions and the need for convenience.
The banknote is the first in Nigeria to bear a portrait of a prominent Nigerian citizen, the late Head of State General Murtala Ramat Mohammed (1938-1976), who was the torchbearer of the Nigerian revolution in July 1975. The note was issued on the 1 year anniversary of his assassination in honor of to Nigeria’s most famous son. On October 1, 1978, he was declared the national hero.
On July 2, 1979, a new currency denomination was introduced with three denominations, namely 1, 5 and 10 of the same size, namely. 151 x 78 mm, like the 20 а banknote issued on February 11, 1977. Distinctive colors have been used for different denominations for easy identification. The bill contains portraits of three prominent Nigerians who were declared national heroes on October 1, 1978. The engravings on the back of the banknotes reflect the different cultural aspects of the country.
![Dollar to Naira Black Market Today 2023 [OFFICIAL RATE INCLUDED]](https://witspot.org/wp-content/uploads/2022/05/images-7.png "Dollar to Naira Black Market Today")
What is the real meaning of exchange rates?
Exchange rate, the value of one country’s money against another country’s money. For example, Dollar to Naira, Euro to Dollar, and so on. The exchange rate is “fixed” when the countries use gold or another agreed standard and each currency is worth a certain size of the metal or other standard. Exchange rates “float” when supply and demand or speculation drives up the exchange rate (unit conversion). When a country imports large quantities of goods, demand increases the exchange rate for that country, making the imported goods more expensive for buyers in that country. When goods become more expensive, demand falls and money in this country becomes cheaper than money in other countries. Then the country’s goods will become cheaper for buyers abroad, demand will grow, and exports from that country will increase.
What affects the exchange rate
Flexible exchange rates can change daily, but often in very small increments, less than a penny. But important economic factors such as changes in government or business decisions can affect international exchange rates. This is exactly the reason why dollar to naira exchange rate is always fluctuating.
Dollar to naira Access Bank rate today
Check out the official Access bank dollar exchange rate today.
Form-M Rates as at May, 2023
| Currency | Rates |
|---|---|
| USD/NGN | 417.46 |
| USD/GBP | 1.2595 |
| USD/EUR | 1.0728 |
| USD/CHF | 0.9633 |
| USD/JPY | 127.45 |
| USD/CAD | 1.2788 |
| USD/AUD | 0.7107 |
| USD/ZAR | 15.7621 |
| USD/AED | 3.673 |
| USD/SEK | |
| USD/SGD | 1.3737 |
| USD/CNY | 6.6734 |
Dollar to Naira First Bank rate today
First Bank Naira Exchange Rates
| CURRENCY | RATE | DATE |
|---|---|---|
| USD | ₦ 460 | 13/09/2021 |
| GBP | ₦ 650 | 02/09/2021 |
| EUR | ₦ 509 | 14/06/2021 |
| CAD | ₦ 316 | 01/05/2021 |
| INR | ₦ 5.80 | 01/05/2021 |
| RUB | ₦ 6.20 | 01/05/2021 |
GTBank Dollar to naira exchange rate
dollar to naira black market rate today, how much is dollar to naira, dollar to naira today, dollar to naira black market today 2022
| CURRENCY | RATE | DATE |
|---|---|---|
| USD | ₦ 461 | 15/09/2021 |
| EUR | ₦ 549 | 20/08/2021 |
| CAD | ₦ 366 | 20/08/2021 |
| GBP | ₦ 649 | 16/08/2021 |
| CNY | ₦ 73 | 04/08/2021 |
| INR | ₦ 6.02 | 14/07/2021 |
| AUD | ₦ | 02/07/2021 |
| ZAR | ₦ 30 | 01/05/2021 |
| TRY | ₦ 65 | 01/05/2021 |
| MYR | ₦ 95 | 01/05/2021 |
| RUB | ₦ 6.60 | 01/05/2021 |
| AED | ₦ 115 | 26/01/2021 |
| GHS | ₦ 395 | 07/12/2020 |
| EGP | ₦ 485 | 09/12/2019 |
Moneygram Dollar to Naira today
dollar to naira black market rate today, how much is dollar to naira, dollar to naira today, dollar to naira black market today 2022
| Currency | Rate |
| USD/NGN | 412.50 |
Can I buy Dollars from the Bank?
Yes, you can purchase US dollars from any commercial bank or bureau de exchange operator. Previously, all registered and certified currency exchange operators could purchase dollars directly from CBN, but unfortunately that has changed. You can no longer purchase Dollar from Central Bank of Nigeria.
CBN recently stopped selling dollars and other currencies to Bureau de Change operators. Currently you can only buy dollars from commercial banks in Nigeria. Below is the reason why CBN stopped selling dollars to currency exchange operators;
The main reason CBN halt selling dollars to currency exchange operators was to curb unusual profits, which led them to sell dollars at exorbitant prices at the expense of the stability of the naira. dollar to naira black market rate today
The Nigerian currency has been negatively impacted by the greed of some currency exchange operators who sell dollars at high prices just to make money.
This suggests that only commercial banks can currently sell dollars to individuals and businesses at a fair price. Commercial banks sell dollars to individuals primarily for the following purposes; Payment of medical bills abroad, payment of school fees abroad, official travel allowances and personal travel allowances. dollar to naira black market rate today
It is always safe and cheaper to buy dollars from commercial banks because their interest rates may not be as high as parallel market rates. Many banks can give you a lower interest rate based on how many dollars you buy. This method is more suitable for people who want to buy large amounts of dollars.
Just go to one of the commercial banks in Nigeria such as Zenith Bank, Guarantee Trust Bank, Access Bank, First Bank, Fidelity Bank, Union Bank and United Bank of Africa. Go straight to their customer service and ask for a dollar.
Also, it worth noting that Some banks may not have enough dollar cash, if you want to buy in bulk, you may need to buy some quantities from other banks to add.
Can I receive a Dollar into my Naira account?
You cannot receive dollars into your naira account, naira bank account is only for naira currency transactions. In Nigeria, if you want to receive dollars through your bank account, you need to open a dollar account, also known as a domiciliary account. This is the only way to get dollars into your bank account in Nigeria.
I’m confident that this article has satisfied your search intent by giving you all information regarding Dollar to Naira exchange rate today black market 2023, dollar to naira, dollar to naira black market rate today 2023, and how much is official bank dollar to naira today.
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