What is the exchange rate for U.S. dollars and Nigerian naira in the parallel market, commonly known as the black market (Aboki fx)?
See below for today’s (Friday, February 3, 2022) black market dollar-to-naira conversion rate. At current exchange rates, you may convert dollars to naira.
How much is the U.S. dollar to Nigerian naira exchange rate today, Friday, February 3, 2022?
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.
You use the US dollar to Nigerian naira bank rate when you use your Nigerian bank’s Naira MasterCard or Debit card to make a purchase on a foreign website. Almost always, these prices are less expensive than those on the black/parallel market.
What is the dollar-to-naira exchange rate at the official CBN rate, Aboki FX, and the black market? How much is the dollar-to-naira exchange rate today, Friday, February 3, 2022? You can convert your dollars to naira at these rates, or you can convert your dollars to naira at the most recent official CBN rate, black market rate, or parallel market rate.
Dollar to Naira black market rate today, Friday, February 3, 2022
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Selling Rate | 765 |
| Buying Rate | 760 |
What factors are affecting Dollar to Naira exchange rate?
The following factors can affect the exchange rate of dollar to naira:
- Inflation: The inflation rate in Nigeria can affect the exchange rate if it is higher than the US inflation rate, causing the naira to depreciate against the dollar.
- Interest rates: Interest rates set by the Central Bank of Nigeria (CBN) and the Federal Reserve of the United States (Fed) can affect the exchange rate. A higher interest rate can attract foreign investment, causing the currency to appreciate.
- Political stability: Political stability and economic policies in Nigeria can affect the demand for the naira and its exchange rate with the dollar.
- Supply and demand: The supply and demand for dollars and naira in the foreign exchange market can also affect the exchange rate.
- Oil prices: Nigeria is a major oil-producing country, and changes in oil prices can affect the country’s economic performance and the exchange rate of the naira against the dollar.
