How much is the Dollar to Naira Exchange rate at the parallel/black market today, 26th November 2022? The rate is between ₦770 and ₦775. 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.
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.
READ ALSO: Dollar (USD) to Naira Black Market Exchange Rate Today – 24th November 2022
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 | 775 NGN |
5 USD | 3875 NGN |
10 USD | 7750 NGN |
15 USD | 11625 NGN |
20 USD | 15500 NGN |
25 USD | 19375 NGN |
30 USD | 23250 NGN |
40 USD | 31000 NGN |
50 USD | 38750 NGN |
100 USD | 77500 NGN |
150 USD | 116250 NGN |
200 USD | 155000 NGN |
250 USD | 193750 NGN |
300 USD | 232500 NGN |
350 USD | 271250 NGN |
500 USD | 387500 NGN |
750 USD | 581250 NGN |
1000 USD | 775000 NGN |
1500 USD | 1162500 NGN |
2000 USD | 1550000 NGN |
5000 USD | 3875000 NGN |
10000 USD | 7750000 NGN |
How Much is Dollar to Naira and the official Exchange Rate today, 26th 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.
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, 26th November 2022
Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
Selling Rate | 775 |
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 controlled, 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.