Dollar to Naira Today Black Market Rate 2022

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Are you searching for how much is dollar to Naira on the black market today? Dollar to Naira today is how much? Continue reading to know 1 dollar to Naira today exchange rate, USD to Naira today black market Abokifx. 

Knowing the exchange rate from dollars to Naira in the FX market is enormous. The USD to Naira exchange rate plays a key role for exporting and importing companies. The exchange rate is an indicator of the degree of international competitiveness of a country. Therefore, USD to Naira exchange rate plays a key role for exporting and importing companies.

Importance of Dollar to Naira Exchange Rate

  • They allow comparing the prices of goods and services produced in different countries.
  • They make it possible to determine the actual cost in foreign currency of international commitments associated with: import payments, repatriation of profits, repayment of loans, etc.
  • They allow converting the prices expressed in Nigerian currency to USD.

Next on this page is the official exchange rate for Naira to dollar CBN.

Dollar to Naira CBN Exchange rate

1 dollar to Naira today CBN exchange rate is ₦415.83 at the official market according to the Central Bank of Nigeria website cbn.gov.ng. This means that the dollar to Naira official rate today is ₦415.83.

Many Nigerians prefer to exchange/convert their dollars to Naira via the black market, also known as Aboki fx. This is because dollar to Naira black market exchange rate is higher than the value banks and CBN offer. Below is the Aboki dollar to Naira today rate.

Dollar to Naira Today Black Market

Dollar to Naira (USD to NGN) Today’s Black Market Exchange Rate
Buying Rate 651
Selling Rate 681

Above is today 1$ in Nigeria black market exchange rate. It will be best if you bookmark this page on dollar to naira exchange rate to know when there are changes. However, one is already a millionaire in Naira with $1500 when converted from USD to Nigeria Naira.

What is Aboki Fx Dollar to Naira Exchange Rate?

Aboki fx dollar exchange is the same as black market exchange rate for dollar to Naira. It is one of the most trusted sources of Nigeria’s Naira to dollar exchange rate. This also means that the Abokifx dollar to Naira exchange rate is the same amount you can sell or dollars to Naira on the black market.

Conversion Rates Dollar to Naira Today Black Market

1 dollar to naira is ₦651.

2 dollars to naira is ₦1,302.

4 dollars to naira is ₦2,604.

5 dollars to naira is ₦3,255.

8 dollars to naira black market is ₦5,208.

10 dollars to naira is ₦6,510.

14 dollars to naira is ₦8,526.

15 dollars to naira is ₦9,135.

20 dollars to naira is ₦12,180.

25 dollars to naira is ₦15,225.

29 dollars to naira is ₦17,661.

30 dollars to naira is ₦18,270.

45 dollars to naira is ₦27,405.

50 dollars to naira black market is ₦30,450.

70 dollars to naira black market is ₦42,630.

80 dollars to naira is ₦48,720.

90 dollars to naira is ₦54,810.

100 dollars to naira black market is ₦60,900.

120 dollars to naira is ₦73,080.

130 dollars to naira is ₦79,170.

150 dollars to naira is ₦90,900.

160 dollars to naira is ₦97,440.

225 dollars to naira is ₦137,025.

250 dollars to naira is ₦152,250.

300 dollars to naira black market is ₦182,700.

400 dollars to naira is ₦243,600.

450 dollars to naira is ₦274,050.

500 dollars to naira is ₦304,500.

600 dollars to naira is ₦365,400.

700 dollars to naira is ₦426,300.

900 dollars to naira is ₦548,100.

1000 dollars to naira black market is ₦609,000.

1200 dollars to naira black market is ₦730,800.

1300 dollars to naira is ₦791,700.

1500 dollars to naira is ₦913,500.

1800 dollars to naira is ₦1,096,200.

2000 dollars to naira is ₦1,218,000.

3000 dollars to naira is ₦1,827,000.

3500 dollars to naira black market is ₦2,131,500.

4000 dollars to naira is ₦2,436,000.

5000 dollars to naira black market is ₦3,045,000.

6000 dollars to naira black market is ₦3,654,000.

7000 dollars to naira black market is ₦4,263,000.

8000 dollars to naira is ₦4,872,000.

20000 dollars to naira is ₦12,180,000.

25000 dollars to naira is ₦15,225,000.

30000 dollars to naira is ₦18,270,000.

50000 dollars to naira is ₦30,450,000.

Above is the list of black market exchange rate dollar to naira as at today.

Main Factors that Affect Foreign Exchange Rates

Below are the factors that influence the exchange rates:

Inflation

The effect of inflation on the foreign exchange market is because the difference in the general increase in prices between countries affects the appreciation and value that products and services have, being used for the analysis mainly those of first necessity. A country whose inflation is always close to 0 tends to show a gradual increase in the power of its currency, while those with high inflation suffer from depreciation.

Exchange Terms

The direct blow to the exchange rate is caused by the fact that it depends on and is directly related to the relationship between exports and imports; this means the balance of payments and a state’s solvency.

Speculation

Within the foreign exchange market, speculation can be considered both a threat and an ally, depending on investors’ perspectives. Some measures or the election of a new president can lead to a vertical drop in the price of the currency.

Interest

The fall or decrease in interest that certain countries apply strongly affects the power of the currency, mainly due to its relationship with high inflation. Since when interest rates are higher for lenders, foreign investors consider this country much more attractive for business, which always results in a greater amount of foreign capital and, therefore, is a considerable increase in the type of change. In this way, the basis for a country to increase the position of its currency is the rise in interest and control of inflation.

Debt

The amount of money that a country may be capable of producing will not have the expected effect if it carries a large debt on its shoulders, whether public or national. This is because it will be difficult for this actor to acquire money in other currencies, leading to inflation and a depreciation of the currency.

Government Stability

It is not difficult to understand that any political or economic decision a government makes will affect its currency’s economic power. Suppose the decisions are followed by stability and peace in the market, together with a risk reduction. In that case, there is an increase in the interest of investors since they want security in return for their money. What this causes is a strengthening of the currency.

However, if the country maintains a high-risk and unreliable government, investors will migrate from it to other territories, meaning a loss of power in the currency.

FAQs on Dollar to Naira Black Market Rates

23 thousand dollars to naira is ₦14,007,000.

25 thousand dollars to naira black market is ₦15,225,000.

40 thousand dollars to naira is ₦24,360,000.

one hundred thousand dollars to naira is ₦60,900,000.

1 million dollars to naira black market is ₦609,000,000.

Same as dollar to naira today black market Abokifx.

Gregory Nyesom

I'm Nyesom Gregory, the Founder, and CEO of Examspot. My love for education and career is the drive behind this blog. I hold a bachelor's degree in Economics and Development Studies. I am an educationist, avid reader, a researcher, and data scientist.