News One Nigeria has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.
IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at ₦ and the price can change (high or low) within hours.
How Much Is Dollar To Naira Exchange Rate Today 6 December 2022 Official Rate?
The exchange rate between the Naira and the US dollar according to the data posted on the FMDQ Security Exchange where forex is officially traded showed that the naira opened at N443.7267 per dollar on Tuesday, 6 December 2022, after it closed at N444.0805 per dollar on Monday, 5 December 2022. This represents a change of -0.3%.
Below are verified dollar to naira exchange rates obtained by Naijaonpoint Nigeria for our readers
Q: What is the Dollar worth against the Nigerian Naira?
A: One Dollar is worth 443.7267 Nigerian Naira today
Q: Is the Dollar going up or down against the Nigerian Naira?
A: Today’s exchange rate (443.7267) is lower compared to yesterday’s rate (444.0805).
Q: What is 50 Dollars in Nigerian Naira?
A: 50 Dollars buys 22186.335 Nigerian Naira at interbank exchange rates.
Handy Conversion Data Table
|Dollars to Nigerian-Naira||Nigerian-Naira to Dollars|
|1 USD||443.7267 NGN||1 NGN||0.0023 USD|
|2 USD||887.4533 NGN||2 NGN||0.0045 USD|
|5 USD||2218.6333 NGN||5 NGN||0.0113 USD|
|10 USD||4437.2666 NGN||10 NGN||0.0225 USD|
|15 USD||6655.8999 NGN||15 NGN||0.0338 USD|
|20 USD||8874.5332 NGN||20 NGN||0.0451 USD|
|25 USD||11093.1665 NGN||25 NGN||0.0563 USD|
|50 USD||22186.333 NGN||50 NGN||0.1127 USD|
|100 USD||44372.6661 NGN||100 NGN||0.2254 USD|
|500 USD||221863.3303 NGN||500 NGN||1.1268 USD|
|1000 USD||443726.6605 NGN||1000 NGN||2.2536 USD|
|2500 USD||1109316.6513 NGN||2500 NGN||5.6341 USD|
|5000 USD||2218633.3026 NGN||5000 NGN||11.2682 USD|
|10000 USD||4437266.6051 NGN||10000 NGN||22.5364 USD|
Black Market Dollar To Naira Exchange Rate Today 6th December 2022
According to the Aboki dollar rate in Nigeria today, the local currency opened at N735.00 per $1 at the parallel market otherwise known as the black market, today, Tuesday, 6 December 2022, in Lagos Nigeria, after it closed at N740.00 per $1 on Monday, 5 December 2022. This represents a change of $0.05 from the previous day.
Naijaonpoint reports that the data published on the aboki rate, which is known as the “official black market rate“, showed that at the black market, the players buy a dollar for N732 and sell for N735 on Tuesday, 6 December 2022.
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Even though the dollar to naira opened in the parallel market at ₦735 per $1 today, News One reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Meanwhile, News One Nigeria reports that the USD started this week at ₦740 in Parallel Market also known as Black Market on Monday, December 5, 2022, in Lagos Nigeria, after it opened at ₦775 last week Monday, November 28, 2022.
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.
Disclaimer: NEWS ONE NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.