View today’s Dollar to Naira Exchange rate at the black market and aboki fx. What is the Dollar to Naira conversion rate today, 17th September 2022? You can convert your dollar to Naira at these figures, or you can convert your dollar to Naira based on the latest black market or parallel market rate.
Nigerians tend to exchange foreign currency, especially dollars to Naira, in the black market as the conversion rate is substantially higher than the banks present.
On this site, you can find all the details and the current rate for dollar to Naira, including both the CBN and the black market rate.
What is the Dollar to Naira and the official Exchange Rate today, 17th September 2022?
Please note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market (black market) and has advised individuals interested in Forex to consult their respective banks before proceeding.
The parallel exchange rate (black market rate) consistently differs from the CBN rate. The conversion rate between the US dollar and the Nigerian Naira significantly affects the Nigerian economy.
As the Naira depreciates, inflation overwhelms the economy, which typically affects the citizens. The Central Bank has indicated that the Nigerian economy requires a significant revival and has urged Nigerians to contribute to this objective, such as boosting exports.
The black market rate for dollars is often higher than that of the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can buy or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.
The dollar to naira bank rate is the rate applied when purchasing goods from an overseas website using your Naira MasterCard or Debit card from a Nigerian financial institution. These rates are generally more economical than those found in the black/parallel market.
Dollar to Naira Black Market Rate Today, 17th September 2022
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 712 |
| Buying Rate | 708 |
Factors Affecting Foreign Exchange Rates
Here are some of the reasons for the declining dollar to naira exchange rate.
Inflation Rates: It is widely recognized that inflation has a direct effect on black market exchange rates. If the Nigerian economy stabilizes and inflation is managed, the naira will benefit; however, if the naira keeps declining, it may suggest that food and other essentials are becoming pricier daily.
Interest Rates: Another aspect to monitor is interest rates. If the interest rate at which banks provide loans increases, it could negatively affect the economy, resulting in contraction and consequently, a depreciation of the naira.
Government Debt: National debt can influence investor confidence and, in turn, the influx of capital into the economy. If inflows are substantial, the naira exchange rate will improve in favor of the naira.
Speculators: Speculators often impact the naira-to-dollar exchange rate. They hoard currency in anticipation of profit, leading to additional declines in the naira.
Conditions of Trade: Favorable trade terms will elevate the value of the naira against the dollar, although Nigeria is currently facing a trade deficit. Imports are primarily from China, India, and many other Asian nations.
