Connect with us

    News Naija

    Dollar (USD) to Naira Black Market Exchange Rate Today – 01/12/2022

    Wothappen.ng/wp-content/uploads/2022/03/Dollar-to-Naira.png”>

    How much is the Dollar to Naira Exchange rate at the black market today, 1st December 2022? The exchange rate is between ₦720 and ₦760. 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.

    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 USD755 NGN
    5 USD3775 NGN
    10 USD7550 NGN
    15 USD11325 NGN
    20 USD15100 NGN
    25 USD18875 NGN
    30 USD22650 NGN
    40 USD30200 NGN
    50 USD37750 NGN
    100 USD75500 NGN
    150 USD113250 NGN
    200 USD151000 NGN
    250 USD188750 NGN
    300 USD226500 NGN
    350 USD264250 NGN
    500 USD377500 NGN
    750 USD566250 NGN
    1000 USD755000 NGN
    1500 USD1132500 NGN
    2000 USD1510000 NGN
    5000 USD3775000 NGN
    10000 USD7550000 NGN

    How Much is Dollar to Naira and the official Exchange Rate today, 1st December 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, 1st December 2022

    Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
    Selling Rate755
    Buying Rate745

    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.

    Share This Post On WhatsApp, Facebook, Twitter, Instagram & Telegram