How much is dollar to naira today, Tuesday August 1, 2023
What is the exchange rate for Dollar to Naira in the parallel market, commonly known as the black market or Abokifx?
See below for today Tuesday August 1, 2023 black market dollar-to-naira conversion rate. At current exchange rates, you may convert dollars to naira.
Please be aware that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has advised anybody interested in forex to contact their local banks first.
The black market (parallel) exchange rate is always different from the CBN rate. The Nigerian economy is greatly impacted by the exchange rate between the US dollar and the Nigerian naira.
As the Naira’s value declines, inflation takes hold of the economy, which typically has an impact on the general public.
According to the Central Bank, the economy of the nation needs a significant turnaround. They have urged Nigerians to work toward this goal by, for example, increasing exports.
Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). The rate at which you can buy or sell dollars for naira on the CBN’s website, cbn.gov.ng, is known as the exchange rate.
Dollar to Naira black market rate today, Tuesday August 1, 2023
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | ₦865/$ |
| Buying Rate | ₦875/$ |
Today Dollar to Naira Bank Rate/Official Rate
According to Central Bank of Nigeria official website, the Dollar to Naira bank rate is selling at ₦759.896/$1 and buying at ₦758.896/$1 as of today, Tuesday, July 25, 2023.
| Dollar to Naira | Bank Rate/Official Rate Price |
|---|---|
| Buying Rate Today | ₦758.896 |
| Selling Rate Today | ₦759.896 |
Factors Influencing Foreign Exchange Rates
- Conditions of Trade
- Speculators
- Government Debt
- Interest Rates
- Inflation Rates
