Dollar (USD) to Naira Black Market Exchange Rate | Aboki Fx Today – 13/12/2022
The Dollar to Naira Swap rate at the unofficial/parallel market today, 13th December 2022. View today’s Dollar to Naira swap rate at aboki fx. You can convert your dollar to Naira at these figures, or you can exchange your dollar to Naira at the latest unofficial market or parallel market rate.
Nigerians tend to exchange foreign currencies, especially dollar to Naira, within the black market since the conversion rate is significantly more favorable than what banks provide.
On this page, you can find all the information and the current figures for dollar to Naira, including both the CBN and black market rates.
What is the Dollar to Naira and the official Swap Rate today, 13th December 2022?
Kindly note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market (black market) and has advised individuals interested in Forex to contact their respective banks prior to proceeding.
The parallel exchange rate (black market rate) consistently varies from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira has a considerable influence on the Nigerian economy.
As the Naira depreciates, inflation dominates the economy, usually affecting the populace. The Central Bank has indicated that the Nigerian economy requires a major turnaround and has urged Nigerians to pursue this aim, such as boosting exports.
The unofficial market rate for dollars is commonly higher than that of the Central Bank of Nigeria (CBN). The CBN Swap rate is the rate at which you can buy or sell dollars for Naira on the CBN dollar-to-naira site, cbn.gov.ng.
The dollar to naira bank rate is the rate applicable when you make purchases on international websites using your Naira MasterCard or Debit card from a Nigerian bank. These rates are generally lower than those found on the black/parallel market.
Dollar to Naira Unofficial Market Rate Today, 13th December 2022
Dollar to Naira (USD to NGN)
Black Market Swap Rate Today
Selling Rate
750
Buying Rate
730
Factors Affecting Foreign Exchange Rates
Here are some reasons contributing to the declining dollar to naira exchange rate.
Inflation Rates: It is widely recognized that inflation directly affects black market exchange rates. If the Nigerian economy stabilizes and inflation is curbed, the naira will gain; however, if the naira continues to depreciate, it may signal that food and other essentials are becoming costlier daily.
Interest Rates: Another key indicator is interest rates. If the interest rate at which banks lend money rises, it could harm the economy, leading to contraction and consequently, a decline in the value of the naira.
Government Debt: National debt can influence investor confidence and, in turn, the inflow of capital into the economy. If inflows are robust, the naira’s exchange rate will strengthen in favor of the naira.
Speculators: Speculators often affect the naira-to-dollar exchange rate. They accumulate currency in anticipation of a profit, causing the naira to drop even lower.
Trade Conditions: Favorable trade conditions will enhance the value of the naira against the dollar, while Nigeria is currently facing a trade deficit. Almost all imports come from China, India, and many Asian countries.
