Dollar (USD) to Naira Black Market Exchange Rate Today – 24th November 2022

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How much is the Dollar to Naira Exchange rate at aboki fx and the black market today, 24th November 2022? The parallel market rate is between ₦770 and ₦780. See today’s Dollar to Naira exchange rate. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate.

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Nigerians prefer to exchange foreign currency, particularly dollar to Naira, on the black market since the conversion rate is much higher than what the bank offers.

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On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate.

Black Market table rate

DOLLAR RATE (USD) NAIRA RATE (NGN)
1 USD 777 NGN
5 USD 3885 NGN
10 USD 7770 NGN
15 USD 11655 NGN
20 USD 15540 NGN
25 USD 19425 NGN
30 USD 23310 NGN
40 USD 31080 NGN
50 USD 38850 NGN
100 USD 77700 NGN
150 USD 116550 NGN
200 USD 155400 NGN
250 USD 194250 NGN
300 USD 233100 NGN
350 USD 271950 NGN
500 USD 388500 NGN
750 USD 582750 NGN
1000 USD 777000 NGN
1500 USD 1165500 NGN
2000 USD 1554000 NGN
5000 USD 3885000 NGN
10000 USD 7770000 NGN

How Much is Dollar to Naira and the official Exchange Rate today, 24th November 2022?

Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding.

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The parallel exchange rate (black market rate) is always different from the CBN rate. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy.

As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports.

The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). The CBN Exchange rate is the rate at which you can purchase or sell dollars for Naira on the CBN dollar-to-naira website, cbn.gov.ng.

The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. These rates are almost always cheaper than those available on the black/parallel market.

Dollar to Naira Black Market Rate Today, 24th November 2022

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate 777
Buying Rate 773

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar to naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is brought under control, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.