Exchange: Dollar to naira black market today

Dollar to Naira black market today’s rate is the current dollar exchange rate at the popular Aboki market. How much do you exchange your dollar currency to naira rate as at today 25th of June, 2022?.

According to the present day research in Nigeria, Nigerians prefer to convert dollar to naira, Nigeria money by local means, simply because the conversation rate is more higher than what banks give out.

The Aboki vendor buys at 580 and sells at 610 based on current Dollar to naira black market today’s rate.

In case you don’t know kindly have it at the back of your mind that Central Bank of Nigeria (CBN) does not recognize black market. And thus, has advised the citizens who are Into forex trade to get in touch with their banks first before making moves to start.

The black market rate which we can also view as parallel rate is quite differ to the CBN rate.

In the Nigeria economy today, a significant impact has hit the exchange rate today between the foreign currency (dollar) and Naira, the Nigeria currency, which has indeed led to a high dollar to naira bank exchange rate and also a high dollar to naira black market today exchange rate.

It is quite obvious that the Naira has fall in value and rapid inflation has hit the country’s (Nigeria) economy. Seeing the dollar to naira black market today exchange rate the CBN has highlighted a way by which citizens can tackle this issue, by exporting goods outside the country more than the way goods are being imported into the country. The Central Bank of Nigeria explained that Nigeria’s economy needs a bounce back in fact an urgent one, and has urged Nigeria citizen to work towards achieving this goal.

The Central Bank of Nigeria (CBN) exchange rate is regarded as the rate which you can purchase or sell out dollar for Nigeria currency (Naira) on the Central Bank Dollar-To-Naira in their official website cbn.gov.ng. The parallel rate (black market) for dollars is frequently much higher than the CBN.

As regards the exchange rates, there are factors that has influence the exchange of dollar to naira rates.

• One factor that influence exchange rate is inflation:

inflation impacts Dollar to naira black market today’s rate directly. If the Nigerian economy can be balanced, then the naira will gain a more solid stature but if there’s no stability, reverse will be the case as it is in the present day Nigeria.

• Another factor is the government debt:

this has an adverse effect on the nation’s economy. The national debt can impact other investors confidence and, in lieu to this result, it can channel influx of funds into the nation’s economy. If inflows are high, the naira exchange rate will rise in favour of the naira currency.

Let me now ask those of you who traded the Dollar to naira black market today’s rate, can you tell us what was the rate of your buying and selling over there?