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 USD||755 NGN|
|5 USD||3775 NGN|
|10 USD||7550 NGN|
|15 USD||11325 NGN|
|20 USD||15100 NGN|
|25 USD||18875 NGN|
|30 USD||22650 NGN|
|40 USD||30200 NGN|
|50 USD||37750 NGN|
|100 USD||75500 NGN|
|150 USD||113250 NGN|
|200 USD||151000 NGN|
|250 USD||188750 NGN|
|300 USD||226500 NGN|
|350 USD||264250 NGN|
|500 USD||377500 NGN|
|750 USD||566250 NGN|
|1000 USD||755000 NGN|
|1500 USD||1132500 NGN|
|2000 USD||1510000 NGN|
|5000 USD||3775000 NGN|
|10000 USD||7550000 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|
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.