Dollar (USD) to Naira Black Market Rate Today 2022 Abokifx
See the Naira performance across various currencies
Currency dealers in Abuja Zone 4 market, Nigeria said a dollar were bought at 745₦ and sold at 742₦ today , as against 747₦ it traded yesterday .
More also the second most traded currency known as Euro/Naira traded at 775 and 765 respectively in the black market.
Interestingly at the same time the Pound To Naira Exchange Rate is 926, while you can sell a pound for 920 at the black market rate
Currency Table USD/NGN
Dollar to Naira Rate for Past 7 Days
|December 20, 2022||747||743|
|December 19, 2022||745||743|
|December 18, 2022||748||742|
|December 17, 2022||745||742|
|December 16, 2022||743||740|
|December 15, 2022||743||740|
|December 14, 2022||745||740|
When we checked on local dealers reports on forex in Lagos and Abuja respectively the Dollar To Naira Exchange Rate remains
745, this means you can buy Dollar at 745 while you can sell at 742
Dollars to Naira Black Market
Here is Today’s Dollar to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The United States dollar currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.
|Dollars to Naira (USD to NGN)||Exchange Rate Today|
Euro to Naira Black Market
Here is Today’s Euro to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The European currency (Euro) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.
|Euro to Naira (EUR to NGN)||Exchange Rate Today|
Pounds to Naira Black Market
Here is Today’s Poundsto Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Great British Pounds currency (Pounds) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.
|Pounds to Naira (GBP to NGN)||Exchange Rate Today|
CAD to Naira Black Market
Here is Today’s CAD to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (Euro) currently in Abuja, Kano, Lagos. There might be slight variation at different parallel (unofficial) market.
|CAD to Naira (CAD to NGN)||Exchange Rate Today|
USD is being traded at ₦745 in Black Market(Lagos) today, Wednesday, December 21, 2022. USD has been traded at ₦747 when Black Market opened this week on Monday, December 19, 2022. This makes it -0.02% decline for United States Dollar against Naira this week.
When we look at this month, USD was traded at ₦743 at the beginning of this December on Thursday, December 1, 2022. As at today with USD being traded at ₦745 we see a 0.02% rise for United States Dollar to Naira exchange rate for this month.
On this page, we are primary focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.
Black Market Exchange Rates
|Dollar to Naira||745||742|
|Pounds to Naira||926||920|
|Euro to Naira||775||765|
|Canadian Dollar to Naira||690||580|
|Rand to Naira||38||31|
|Dirham to Naira||160||155|
|Yuan to Naira||90||90|
|G.Cedi to Nair||75||60|
|CFA F. (XOF) To Naira||965||945|
|CFA F. (XAF) To Naira||920||920|
Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.
Dollar to Naira Black Market Rate Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
|Pounds to Naira (USD to NGN)||CBN Official Exchange Rate Today|
How much is $5 US in Nigeria?
$5 is 3725Naira
How much is $10 in Nigeria black market?
10$ is 7450 naira
How much is 20 dollars in Nigeria black market today?
20$ is 14900 naira
How much is 30 dollars in Nigeria black market?
30$ is 22350 naira
How much is $40 in Nigeria black market?
40$ is 29800 naira
How much is $100 in the black market?
100$ is 74500 naira
How much is 50dollars in black market today?
50$ is 37250 naira
How much is $60 in Nigeria black market?
60$ is 44700 naira
How much is 80 dollar in Nigeria black market?
80 dollars is 59600 naira
How much is $150 in Nigeria black market?
150 dollars is 111750 naira
How much is 250 dollar in Nigeria black market?
250 dollars is 186250 naira
How much is 300 dollar in Nigeria black market today?
300 dollars is 223500 naira
How much is $400 in Nigeria black market?
400 dollars is 298000 naira
How much is 1000dollars in black market?
1000 dollars is 745000 naira
How much is $2000 dollars in Nigeria?
2000 dollars is 1490000 naira
How much is 5000 in Nigeria black market?
5000 dollars is 3725000 naira
You have to understand that the Naira is under pressure, leaving the FX market in a constant state of flux. You can’t predict what the market will turn out to be but we are trying our best to track what rate the USD/Naira are traded on daily basis.
Black Market table rate
A correspondent, who visited the ever-busy Wuse Zone 4 which is the hub of bureau de change operators in Abuja, observed that the dollar was sold for 742 as opposed to the 745 it was sold for previous.
In Lagos, the dollar was sold at 742 while in Kano it was 742.
This is coming at a time after the Central Bank hit hard on Abokifx forcing the online portal to shut down it services
Black Market table rate
We bring to you USD/NGN (Dollar to Naira) exchange rate today based on Black Market rate, Lagos, Nigeria today, being
the United States Dollar has been maintaining a steady rise in the last few months against the Naira in the parallel market .
From the standpoint of view the market seems to be indicating for a further fall
Remember that the currency symbol for Dollar (US Dollar) is $. All figures here are for information purposes ONLY.
Our team are constantly monitoring the USD/NGN (Dollar to Naira) exchange rate and updating accordingly.
Have you ever asked “how much is Dollar to Naira exchange rate?” in this article you will get the Dollar to Naira exchange rate for black.
The Dollar to Naira exchange rate seems not stable rather it fluctuates from time to time against the Naira, leading to the Naira losing most of its value.
This means that Nigerians are likely to spend more buying goods and services in the international market.
The Dollar/ Naira have not had a smooth ride ever since 1986, the relationship between both currency has been unpredictable leaving the economy of Nigeria poorer,
although few people has been able to capitalize on the weaknesses of the Naira to make fortune out of it.
This leaves a question if devaluation of the Naira under a flexible exchange rate will solve the problem once and for all.
In this article, we are going to trace the history of Naira exchange rate to Dollar , how it has fair under previous administration.
President Ibrahim Babagindaâ€™s Second-Tier Foreign Exchange Market (SFEM)
The Second-Tier Foreign Exchange Market (SFEM) is a product of the IMF which was presented to former President Ibrahim Babagindaâ€™s regime.
The then administration had no choice rather than to accept the conditionality because of the pressure the Naira and the economy as a whole was under.
It will be recalled before now (around 70s), the Naira enjoys a better exchange rate against the Dollar. A United States Dollar ($1) was exchange at 90 kobo
but by 1993 after the brahim Babagindaâ€™s regime came to an end the Naira has sheded much value and was exchange at 11 naira for $1.
At this critical point the country had to introduce the bureaux de change. Things did not get much better as most people expected; at least a weaker naira should help the economy
to speed up industrialization as witness in China and other country with weaker currency.
President Sani Abacha (1993-1998)
Late President Sani Abacha held the Naira with an iron grip for a period of five years. The Naira was exchanged at 22 naira for $1 officially. At that time the regime introduced the Autonomous Foreign Exchange Market (AFEM) that engaged in the the sale of Naira to those who need it.
Please note that oil price under Sani Abacha regime was hovering around $20 per barrel and Nigeria was faced with numerous economic problems and some level of economic sanctions by the West leaving the government with little amount of dollars to go round the economy.
The government then was only able to achieve this feet with a rigid exchange rate . Expert now suggests that this gave birth to forex black market.
Infact black market exchange rate became much pronounced more than ever in the history of Nigeria.
Note that the official exchange rate was 22 naira, the black market exchange rate was around 88 naira to 1 $.
Joseph Sanusi (CBN governor 1999 to 2004)
After the military boys left government and handed over to a Democratically elected government, Joseph Sanusi was appointed CBN governor,
he quickly introduced the Interbank Foreign Exchange Market (IFEM) which aim was to narrow the gap between the official exchange rate and the black exchange rate.
The Naira was devalued to 85 naira while at same time the black market exchange rate was 105 to $1.
One should note that at this time Nigeria was struggling to clear its foreign debt; debt servicing alone was taking a toll on the economy
At a time the Naira was under much pressure which lead to the collapse of the Interbank Foreign Exchange Market (IFEM), bank were instructed to limit the sale of Dollar.
Chukwuma Soludo (2004-2009) and The Oil Boom
The Nigeria economy started to boom again, this time oil price rose steadily from just $30 per barrel to $140 per barrel. Subsequently the government miraculously obtained a debt relief of
over $18 billion.
Nigerian government now has more Dollars to save and used to expand the economy. At this point Excess Crude Account (ECA) was introduced which had over $20 billion at the end of 2008.
Please note that at this point Nigeria has multiple exchange rate such as CBN, Interbank, Bureau de Change and wire rates, what Soludo did was to harmonise this rate together, allowed certain things like medical, credit card bills.
During this time there were no need to buy forex in the black market or bureaux de change, exchangers were thrown out the market.
Even when oil prices fell to $50 per barrel Nigerians didn’t feel the impact as there was enough Dollars to cushion the effect.
Point to note : when Soludo came into office exchange rate was around 127 naira to $1 and when he left 147.
Sanusi Lamido Sanusi (June 2009-Feb 2014)
Recalled that Soludo banned the Interbank and WDAS markets? Yes he did but this time all these were reversed by Sanusi Lamido Sanusi when oil prices went up again.
The Nigerian government didn’t capitalize on the rise in oil prices to build up its reserves. Though the exchange rate was stable and sold for 148 naira
and went high to 164 naira at the end of 2014.
Godwin Emefiele and where we are today
Nigeria started to witness low inflow of Dollars from the sale of oil because of the collapse of oil prices in the international market.
The government was forced to introduce strict measures such as banning the Interbank forex market and also 41 items from being eligible for forex,
at same time forex was given to those who the government sees as qualified to receive them.
Here are some facts about the Dollar/Naira
- The Nigerian economy seems to be a mono economy from the look of things, this means that we rely on foreign goods, services.
- To pay for this we need to make use of a universal acceptable mode of payment which is the US Dollar.
- It seems The first US Dollar appeared in 1794, that’s the first official record of the USD in circulation. The currency is by the Coinage Act
- was put in place to determine the value of the dollar. In fact the act allows 1 dollar to equal to 100 cents as seen today.
Facts about USD paper money :
- The First USD paper currency was printed in 1862 to solve the problem associated with shortage of coin
- There are about $1.54 trillion in circulation : all over the world, there are about $1.54 trillion USD currency in circulation. It is on record that over 97% of this is federal reserve.
- Million of Dollars are printed daily: its on record that over 38 million notes are being printed on daily basis, the worth of this is being pegged at 541 million Dollars.
- Do you know that over 70% of newly printed notes are used to replace worn out and damaged notes
- $1 $5 $10 as expected are the mostly used notes often used frequently, this makes them not to last longer
Fact about USD coin money:
- The use coins are massively produced with cheap materials such as zinc, copper instead of gold and silver, this made them to have lower intrinsic value.
- 1792 saw the first coin being minted
- As expected Coin last longer and have a lifespan of 25 years. This information comes from the US Mint.
- It seems Americans don’t like to hold on to their coins for long. It is estimated that over $62 million Coins are thrown away by Americans yearly.
- More copper are being used to produce the coins as opposed copper.
Should There Be A Black Market?
Most Nigerians have argued that the existence of black market has caused more harm than good this has made the government to suspended the sale of dollars to Bureau De Change (BDC).
But one thing we must understand is that the black market has been in existence for long and they played a significant role in sourcing and selling of dollars to the ordinary Nigerians. Without them it will be hard to get dollars from the bank.
To solve the current problem, The government should ensure that they are properly regulated, those who failed to follow the guidelines should be suspended and if possible prevent large amounts of money to be transacted outside the banking system.The government must also ensure that refineries are established or set up or rather privatised as this will go a long way to stop the importation of Petroleum products into the country as this has bleed the economy for so long. Agriculture should be encouraged mostly in the North, more also security most be provided so that farmers can return back to the farm.